Every so often I recognize what appears to be a very likely turning point in an index. The SP500 may well have made one of those turns today (March 6) at the low of 666.79. This is based in part on my Elliott Wave Count. If the rally does occur I see it as only another pause in a continued downturn.The interesting thing about this is that my analysis allows me to see "the possibility" of a relatively important market turn as it occurs. Only Elliott allows one to see this sort of thing.
Time will tell if the market has started a sideways or rally pattern. The market always has the option of going deeper still before it makes the next rally. In any event it appears to be due for a somewhat larger rally at this time.
1 comment:
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