Yes, SPX (S & P 500) Is Probably Doing An Inverse Elliott Wave 12345 Down Up Down Up Down Pattern Since Late On 12-17-08

Yes, SPX (S & P 500, http://stockcharts.com/charts/gallery.html?%24spx) is probably doing an inverse Elliott Wave 12345 down up down up down pattern since late on 12-17-08, see http://finance.yahoo.com/q/ta?s=%5EGSPC&t=5d&l=off&z=l&q=c&p=&a=p12,fs,w14&c=. Note that the upcycle since late yesterday is anemic, and, probably won't break the short term downtrend (Wave A type downcycle) line since late on 12-17-08.

Reliable broad market lead indicator WMT’s (Walmart) short term likely countertrend Wave B type move appears to have peaked three days ago, see http://stockcharts.com/charts/gallery.html?wmt. WMT looks like it broke down out of it’s short term uptrending channel yesterday.

I'm looking to day trade SDS (UltraShort SPX (S & P 500) ETF) right now. Since it's a short and very slow session today, I might not trade.

Nothing discussed on this Blog is a recommendation, or, should be construed as investment advice.

Merry Christmas and Happy Holidays to all! Buon Natale! Ciao

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