Elliott Wave Update ~ 8 July 2014

Primary count is that Minuette wave (iii) of (v) of 5 of (C) of (Y) of cycle wave b has peaked.

We now should get a Minuette (iv) then the final (v).

Ideally, any pullback for (iv) will be limited to the blue horizontal line. Time-wise it might take a few weeks for the rest of the waves to play out in cycle b. Lazy summer doldrums perhaps.

SPX 30 shows the entire wave (iii). It counts very nicely and it "looks right" which is important. I didn't have to shoehorn anything to fit a preconceived notion. It all seems to work. Now lets see if wave (iv) pans out.

Again, ideally the pulback for wave (iv) shouldn't be any further than the previous subwave (4) or iv of (iii). The lower pullback level is approximately 1925 SPX.