Elliott Wave Update ~ 15 August 2014

Today's midday dip closed two open up gaps. Very convenient. The wave structure has reached a point where if it is (3) of iii of (v) of (v), then a strong upward push should occur in this area. Its getting interesting.

The best bearish count has prices collapsing downward in a third wave down and breaking the parallel uptrend lower channel line.

The overall count, once again, calls for a nominal new high in the SPX and probably the Wilshire5000.