FX:SPX500   S&P 500 index of US listed shares
347 2 4
I just thought I'd put this wave count out before the FOMC in 2.5 hrs             or so ... I feel this is most likely correct (currently) I like the way of wave iv, circled, wave (w) and (y) are pretty much of identical length, forming a flat.

There are similarities to the DJIA             , 1975, July 14th - Oct             . 1st. Not because I was there trading or anything, far too young, he-he, but because it's shown in R.N. Elliott's own book, (see online here - http://yelnick.typepad.com/files/elliott-wave-lesson-3.pdf - & scroll down to page 7 ...) ... esp             . in the (x) wave ...

My secondary interest is in the potential for this whole wave to be of similar length to the wave up, June 2010 - April             2011.

In the mintuae it just tapped downquite precisely off the 0.618 equivalent, shown as the dashed Fibonacci lines .. more significantly it responded back in Early November to the 0.7639 equivalent. Whether it's of any further guide we shall see ... An ending diagonal to a very long wave III             perhaps.

Levels to watch, should it continue up ... a few pips higher than the highest high, where the 0.854 Fib is because that sits very close to the 0.618 eqiv, wave iii             , circled at 2144, otherwise 2200 potentially beckons ...

NB. 7.00 pm, UTC, in just under 2.5hrs, is the FOMC rate hike expectation, w/ press conference etc. & has volatility potential of the highest order. It may not be unwise to sit back w/ popcorn.

FXCM             - 'Traits of Succesful Traders' (http://docs.fxcorporate.com/fxcm-traits-of-successful-traders-guide.pdf) - from data, traders are generally more profitable when the markets are less active - my experience also - what we want is the 'right amount' of volatility . This may not be the 'right amount', LOL, esp             . if deviation from expected +25 basis points (& this wave count down the toilet).
very clear and neat. gtreat job
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Thank you!
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