Elliott Wave Update 11 December 2009 ~ micro wave [2] underway

SPX: On Friday, the SPX gapped up again and hit some minutes after the open the middle trendline of the channel to complete micro wave [1]. After that the correction began (micro wave [2]) that should last till early next week.

Micro wave [2] should end around the 50-62% retracement level. From there wave [3] should start and hit new highs (1130-40) later next week.

Primary count: in micro wave [2] of iii of (c) of C of (Y) of Primary [B]/[2] (I suggest to look on this chart if you're not so familiar with wave degrees : D^^); 1086 mustn't be breached

From now on I will add "Elliott Wave Update Day Month Year" in every title of my daily updates. With that it's easier for you to find earlier counts by just searching the blog or the blog archive in the sidebar looking for the right date.

Have a nice weekend!

Cheers,

Hugo