Elliott Research Forecast

                                                          

On 2/13, I raised the target if wrong value to 17,500, and the target to 18,400 by 3/1. That's about how much the index will climb to or drop in about 2 weeks. The index hit my target today so I'm raising it to 18000. If I'm wrong, look for the index to drop to 17,200. Okay, pipe dream. The index is tumbling and it hit my "wrong" target so I'm lowering both the target, to 17,800 and if wrong, to 17,000. I'm thinking that support will turn it but with weak earnings rampant, I may need to lower it again. Today, 1/22, the index hit my target so I'm raising it to 18,100 (near the December high) and giving it to mid Feb to get there. If I'm wrong, look for the index to drop to 17,200. That's just below support setup by the two valleys this month. On 1/21, I swapped directions. On 1/15, I'm keeping the target at 17,100 but lowering the target if wrong value to 17800, by 2/1. On 1/5, the index hit my target so I'm lowering it to support at 17,100 (the peaks in July and Sept are where we'll find support). But my guess is we won't sink that far.