Elliott Wave target of 1923 for S&P500

Elliott Wave analysis of the S&P500 sets an ultimate target of 1923.44 for the S&P500 in this bull market, according to Walter Zimmermann of United-ICAP. In what is arguably the biggest bubble since 1929, he says, the move from 1737 can be seen as the final leg in a move that begin back in March 2009. The signal for a reversal will be a break below the trendline of October 2011 which will read around 1672 at the end of March, although there is support from the November 2012 low trendline around 1763 to 1781 this month.