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Monday, July 20, 2009

Elliott Wave Update ~ 20 July

Bulls got their close above 950 and NADSAQ above 1900, so indeed I think that is a strong signal out to the Stock Market world. I could easily say the market will soon (if it hasn't already) peak in an A wave, get a B wave pullback and then the rally toward 1000 will commence to complete a triple zigzag from the 666 low and just leave it at that. Thats the basic gist of where I am coming from.

But what the heck lets just see where A wave might top out at. Kenny put up a nice intraday chart and mentions he didn't see a Minute [iv]. I tend to agree that looking at the wave structure from an hourly chart, you really don't see anything that stands out.

I re-drew the subwaves a bit on my 5 minute chart. Its a tough call on where the A wave will top out, I don't think it knows just yet! But either we are in the midst of a Minute wave [v] to peak or a bullish (b) wave in some kind of (a)(b)(c) move for Minute [iv].

I'll take a stab at the 1 minute squiggles and post later on some of the better current count options.

Regardless of exactly where the wave structure is at [either still in Minute iv or the later stages of [v]), we have to look at pullback spots. The nearest strong support area is 927-934. I think that is a key level to look at for at least 1 pullback maybe 2 over time.

This is the bulls charge to a summer P2 rally peak and if they do not hold the 927 marker, it kind of damages all the work they accomplished in such a short time. At least thats how it feels. Suddenly a trip back to 914 seems damaging in the effort to make 1000 (if thats where we are headed). I dunno, I'm just rambling thoughts out now...

Good luck all!


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