Short Term Wave 1 Cycle High Targets For SPX, NDX, RUT, And, XOI

Short Term Wave 1 (began 10-10-08) cycle high targets (should be hit tomorrow or Wednesday) for SPX (S & P 500, http://stockcharts.com/charts/gallery.html?%24spx), NDX (NASDAQ 100), RUT (Russell 2000), and, XOI (AMEX Oil & Gas) are based on their upside gaps from 10-6-08 at 1099.23 for SPX, 619.40 for RUT, 1470.84 for NDX, and, 1059.10 for the XOI (XOI opened at 1059.10 on 10-6, then it probably gapped down, so, it's effectively an upside gap I think).

So, SPX should peak at 1100-1110+, RUT should peak at 620-625+, NDX should peak at 1471-1480+, and, XOI should peak at 1060-1070+. Obviously, given the extreme volatility now, there might be substantial overshoot of those targets. Also, there's obviously no guarantee that the upside gaps from 10-6-08 will get filled in the Short Term Wave 1 upcycle that began on 10-10-08. It's a likely scenario, that's all that one can reasonably discuss.

SPX (S & P 500) appears to have (I started the count at 10-10-08's late session double bottom) put in a Wave 1 cycle high of the short term Wave 1 (since 10-10-08) upcycle at mid session today 10-13-08, see http://finance.yahoo.com/q/ta?s=%5Espx&t=5d&l=off&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c=. The late spike move today 10-13-08 appears to be the start of Wave 3 of the short term Wave 1 upcycle.

NDX (NASDAQ 100) and RUT (Russell 2000) appear to have the same Elliott Wave count as SPX, see NDX at http://finance.yahoo.com/q/ta?s=%5Endx&t=5d&l=off&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c=.

XOI (AMEX Oil & Gas) might be putting in, based on a quick look, a very short term Wave 1 cycle high of the short term Wave 1 (since 10-10-08) upcycle, see http://finance.yahoo.com/q/ta?s=%5Exoi&t=5d&l=off&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c=. The XOI's huge late session spike move today 10-13-08 appears to be a huge Wave 5 spike move of the very short term Wave 1 upcycle since late on 10-10-08.

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