Complex sideways correction in US stocks continues…new highs since early-August bottom possible…


Click on chart for larger view

S&P 500 Stock Index; Daily bars — Indicators on bottom of chart are of my own proprietary design

Based on the Elliott Waves, trend-channel and support/resistance analysis, and my interpretation of my indicators (involving not just this chart, but also the monthly, weekly and 4-hour bar charts,) the most likely scenario appears to be that the corrective action since the low in early August is not yet over. In fact, the $SPX will probably test the 1232 high it made on 1 Sep 2011.

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One Response to “Complex sideways correction in US stocks continues…new highs since early-August bottom possible…”

  1. Forex Wiki…

    […]Complex sideways correction in US stocks continues…new highs since early-August bottom possible… « Strategesis[…]…

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