broughro
Short

Elliot Wave Analysis of SPY

AMEX:SPY   SPDR S&P 500
"5" of "B" is here.

All sentiment, pricey multiples, poor real growth, and expansive optimism point to this rally being a "B" rally. "C" leg of major expanded flat leads to sub $60 pricing. If "C" follows similar trajectory to 2007 decline then by January 2018. If "C" leg follows similar trajectory to 2000 decline then by 2020ish.

Trade active: Watch out below...don't get fooled into buying the "dip"...waves clearly indicate trend is not down
So, 5 of B took the form of an ending diagonal leading to a slower top formation that is now resolving quickly. Expect the major "C" wave to decline to ~60, and SPX equivalent of ~600 before the next significant bull market. Rallies before then will be counter-trend.
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Note that final 5 of C slowly divided into an ending diagonal instead of the quick pop I expected. Now that it has ended it will retrace quickly to the 4 low and pause shortly before continuing the deep slide. Now that the bottom trend support of C has been pierced the growing fear will compel liquidation and deleverage to below 2009 low targeting 600 SPX after a 5 - 3 - 5 - 3 - 5 series of impulsive declines and corrective rallies. I will be swifter than 99.9% of advisers and economists believe could be possible.
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