Elliott Wave Update ~ 28 October 2014

Update on the breadth chart. Not yet crossed the .618 line.But no longer diverging obviously. Not a ZBT event, yet it may hold the market up for longer than the bears would like.

The big development today is that a potential "Dow Theory" non-confirmation setup is now on the clock. Transports and Industrials diverging noticeably.

Again, the GDOW chart may provide the best direction for the short/medium term count: Updated charts and some closer squiggles.

If the SPX followed the general pathing potential of the short term GDOW, then it is also looking for the top of wave (a).

Note that wave (b) is looking for a perhaps dramatic 50-60 point SPX pullback.

CONCLUSION: Obviously the GDOW may point to an (a)(b)(c) pattern for Minor 2. The SPX would likely follow suit in the same manner. The Minor 2 on the SPX has already been very deep up. 2000 SPX is again in the cards, but I don't really think the market gives a shit whether or not it tops the previous 2019 intraday high. That's just my gut reaction at the moment.
And a 50-60 point SPX pullback would be "normal" for a wave (b) based on 38% Fib marker of the rise since the 1820 low..