Another alternate Elliott wave count for your consideration. This one finds wave (3) of C underway since late-October...
It looks a lot like late-May, early-June 2008 right now, suggesting early-October low is about to be taken out.
No doubt, S&P 500 weekly RSI is ominously poised, making the case for further weakness straight ahead. According to every technical measure periodically presented here, there is no time for a fall like the present ... that is following likely encore to today's explosion higher. According to the view above once selling gets underway the vicinity of $SPX 950-1000 could be the next stop.
Per the bigger picture the above view portends, what matter of circumstance raises prospect of volatility shooting off the charts during a second straight presidential election year? What greater part do power struggles naturally play during periods of financial turmoil? What better time to grease the U.S.A's stumble into the governance pit than when political power struggles are in season?
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