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Monday, June 29, 2009

Elliott Wave Update ~ 29 June

Well my Friday chart

pretty much followed through with upside. I really wasn't sure which way it was going to go. I guess it was a wave [1] leading diagonal versus an ending diagonal as I speculated on the NASDAQ. DOW up today 1.08% SPX up .91% and NASDAQ up only .32%. So the DOW was lagging and catching a bit of a bid and the NASDAQ is waning and the SPX somewhere in the middle. Still looking for the initial rally peak from 888 low. Could be tomorrow with one more squeaker up. End of quarter window dressing I guess.

There exists some nice Fib relationships coming up and I show this on the chart. 929 stands out along with 931. So maybe a peak tomorrow and then its starts heading back in some kind of retrace move.

There are numerous possible counts going on and they all steer corrective as if this is just another big consolidation for the market prior to making one more zigzag (should be at least a 100 pointer) for P2 peak.

I will look for a move back to at least 914 support after the market hits 929-931 range tomorrow (if it does) That would be a 38% spot and also a good support area. After that we gotta keep playing this one wave at a time until it reveals some more of whats going on.


  1. Very Nice Chart
    For me until so far so good.

  2. What do you think about the volume? ZH reports that NYSE volume is at the lowest since 1/5/09

  3. I have the same minute count so I also think we will see 930-935. However, I have the intermediate 3 wave peak as 921 and 913 as the end of wave 4 after a sideways correction. So this my 5th wave would end when the 5th minute ends. Unless of course it decides to extend to test 940.

    I wanted to post my count last week (where I see this as a C wave) but I can't do it for some reason. I can't paste.

  4. Rick and Dan,

    I confirm the pasting problem. In my experience, Google Blogger sites frequently don't allow pastes of goood info from elsewhere. At times the paste works, but often it can't be done.

  5. Dan
    great call today
    thks much
    question is weather we should take shorts out at 914

  6. Yeah alex quite the bearish move backwards my 914 area was hit very quick.

  7. very much interested in what you believe will be the next move
    thks again your great work