HFT attack on efficient markets

My second article for a school paper on economics and market mechanisms. 
Will post an update on the markets tomorrow.

Website link:
http://www.insidermediagroup.com/features/hft-attack-on-efficient-markets

PDF version:
http://www.insidermediagroup.com/features/hft-attack-on-efficient-markets.pdf

Elliott Wave S&P 500

My attempt at a count of the S&P 500.
Interesting thing about Elliott wave is it is Fractal

Below is the Mandelbrot set, the most famous Fractal pattern.

I plan on studying Fractal math just to get a better understanding on the dynamics of a pattern.

From this website

These are my targets and the first one is around 1260.71

4 hour Chart

Hourly Chart

I think the 1300 mark makes the most sense at this point, as it is in the area of a Fib and it is psychological.  Also wave 1 = wave 5 equity is around 1292.70 which again is close to the 1300 mark.  W1 = W5 for time is about February 28th, 2011.

If this count is correct, the implication is that the 5 wave impulse from the lows in July will end.  This will lead to a correction.  At a minimum (38.2% retracement) the S&P 500 should fall to 1192.50 level, and the 61.8% retracement will be 1123 level.

I will keep updating this count as an experiment with Elliot wave.  Would like to learn more about it and judge how effective it can be.