Possible Counts: SPX and DOW

Lacking any clear evidence of a five wave decline from either market, the wave count MUST continue to look higher. There are numerous other ways that one could count these markets. I'm providing counts that seem most appropriate at the present time.  Readers should use the counts provided as a foundation to produce other bullish counts as the days ahead unfold. My expectation is that the eventual correct counts will reveal itself as the pattern matures.

SPX

W-X-Y

This is currently my preferred count. 

A-B-C Rare C Wave Ending Diagonal

According to Robert Precter, p (37) of the Elliott Wave Principle, " a small percentage of diagonals appear in the C-wave position of A-B-C formations." Therefore, although a valid count, odds are that this count represents the less probable outcome for price progression. 

Note: one should keep in mind that an expanding triangle interpretation exists at  quarterly chart level that would carry price above 2007 levels. Resolving that count at the weekly chart level can't be supported at this time by weekly interpretation. 

DOW Futures 

Much like SPX, Dow represent a similar pattern.

I'll be providing periodic updates with respect to these charts. Let's leave it there for now and ....

Best of Trading

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Fair Disclosure Notice: I do not have a position in any of the aforementioned futures markets or securities related to this article.