Elliott Wave Update ~ 2 November 2012

Two nice expanded flats (perhaps best counted as a nested series of one's and two's down)  in a row is where the market stands:

Exhausted market? Building up the energy to finally break under Super Mario day?  The daily SPX candles shows that QEternity Day and the 50 DMA was solid resistance today and brought out heavy selling.

Also the lower wedgeline is close once again.