Brent Harris Elliott Wave
Futures Market Advisory Service

Quarterly Report Sample Page

S&P 500 (Jan. 31, 2009)

While there is (so far) every reason to believe that our Preferred, long-term count in stocks is CORRECT, in that a TREMENDOUS, SUPER-CYCLE-WAVE-FOUR LOW is either already in place, OR it will be within the next month or so, the short-term pattern is at a rather CRITICAL POSITION...NOW! In short, because the November-January rally in the S&P (739.00-942.75) EQUALED the greatest duration of ANY other advance since the October 2007 high, AND a fairly sharp-drop immediately followed, the action over the next week or two should be very "telling". IF prices are UNABLE to close back ABOVE KEY RESISTANCE AT ABOUT 913.50-920.00 BY THE FIRST, OR SECOND-WEEK IN FEBRUARY, then we’ll have to figure that a larger, Primary wave-[5] decline is developing-off the January top. In which case, we should see ONE LAST DROP to new lows...probably by late Feb.-to-mid-March. Our OPTIMUM BUY-ZONES for which (under this scenario) will be at 723.00-720.25 and/or 703.00-699.75 MAXIMUM! On the other hand, however, in the event a close ABOVE 920.00 occurs first, then we’ll have to figure that prices are going to ALSO EXCEED THE JANUARY TOP (942.75). Given this development, since a completed, C-wave decline from the October 2007 top will be STRONGLY CONFIRMED, we’d have to figure that the entire, 8 3/4-year Bear Cycle is already OVER ,i.e., at the November 2008 low of 739.00. Since this count suggests that we are just now entering a Primary wave-[3], of a LARGER, CYCLE-WAVE-ONE ADVANCE, prices could really "explode" over the next few months. Anyhow, EITHER WAY, as long as we do NOT see a close BELOW 699.75 in the S&P, I’m BULLISH AS HECK ON STOCKS. IF a close BELOW 699.75 does occur, however, things could get A LOT UGLIER....as my "time-analysis" will then indicate a CONTINUING BEAR MARKET INTO 2013.

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