Most of S&P-500 SPX analyst are conforming the Elliott waves pattern on daily chart as following -Point 1- Aug 2010 high
Point 2 - Aug 27th Low
Point 3 - Nov 2010 high
Point 4 - Nov 16th Low
Point 5 - Feb 18th 2010 high
Point A - Feb 24th 2011 low
Point B - March 1st high
Point C - March 16th low
The point where my analysis declared this as a failed pattern as as follows -
#1 - According to the rules of elliott waves theory, the point B should be adequate low to the Point 5. on daily chart the point is at 1344, wheres the Point B is at 1332. the gap in percentage are so narrow even less than a percentage. such narrow gap between Point 5 and Point B cannot be consider as complete and valid Elliott Pattern. hence pattern disqualified & failed.
#2 - the point A & point B which i saw on most of analyst web sites are not proper high and lows. this was the narrow consolidation range of four to five days, such short term consolidation range should not consider as high and low of Point A & B.
These two strong objection which have not only disqualified this pattern, but also fix a question mark on analyst skill. The S&P is now trading near 1330, acid test of this support. if we talk about low VOL, then i would say, "followers always create more apparent alleyway".
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