SPX (S & P 500) Wave 1 Of A Short Term Wave 3 Is Peaking Today

A change from what I wrote yesterday in the previous post (http://tradethecycles.blogspot.com/2007/12/spx-s-p-500-hui-xau-cycles-and-elliott.html) for SPX (S & P 500, http://stockcharts.com/charts/gallery.html?%24spx) is that Wave 1 of a short term Wave 3 (began early Tuesday) is peaking today versus a countertrend Wave B of a short term Wave 2 down having peaked late yesterday.

If I had taken a good look at SPX's 5 day intraday chart yesterday (http://finance.yahoo.com/q/ta?s=%5Espx&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=) I would have concluded that a short term Wave 3 had probably begun early on Tuesday 12-4, because, usually price patterns and time are comparable in size/duration for Elliott Wave patterns (makes sense since cycles have to match for the Elliott Wave count, ie short term Wave 1 upcycle, short term Wave 3, short term Wave 5 or monthly Wave 1, monthly Wave 3, monthly Wave 5, etc), which meant that yesterday's late Elliott Wave ABC down up down decline was likely to be Wave 4 down of Wave 1 of the short term Wave 3 that began early on Tuesday 12-4.

I might look to day trade SPX short today via the SDS Ultra Short ETF, but, I'll probably wait to trade SPX's short term Wave 3 via the Ultra Long ETF SSO. Since tomorrow is the monthly Employment Report that sometimes can move the market substantially, I might stay in cash until tomorrow.

....... http://www.JoeFRocks.com/ .