Compared (chart below) to what actually happened illustrates Elliott can be useful at times.
My system is still on the sell. My proprietary indicator (the green line) did turn up even though the breadth and volume was negative.
Because my proprietary indicator is turned up I am moving my stop slightly lower to 9600 which is the cash high. Interestingly, the Dec futures did close higher than Thursday's close even though the cash did not.
At this time, I think the odds are we may have a rally next week. At this time I have no opinion as to whether any possible rally might lead to new highs above the 9850 of October 15th or will simply retrace the decline since that high. My best guess at this time is only a retrace. Right now the market is alleviating short term bullish divergence as shown in the chart below.
One of the reasons my best interpretation of any rally will only be a retracement is the ratio adj McC Osc as show below.
Current retracement levels from the 497.72 low are:
.618 = 9715
.500 = 9673
.382 = 9632
Good luck,
