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Monday, August 3, 2009

Elliott Wave Update ~ 3 August 09

The disbelief rally continues! I guessed wrong that today might finally see a pullback move.

The waves remind me of the mid-April correction period. The market "corrected" while advancing! Well thats not totally true there was a big down day mixed in there. About a 50 point move down in total. Alas, that is the move we are "guessing" that could happen. But it hasn't yet and doesn't have to either.

The gap up today is huge. They tried to fade it but it didn't close. I got to believe its gonna be filled this week or even tomorrow. As a side note the bulls nearly closed the November 2008 gap down that existed from about 1005 to 1001.

The intraday waves the last few days could be a [b] wave bounce above the Minor A wave topping point. Scraggly and overlapping. But clearly rotation happened today and laggards are playing out I think. Finanicals broke upwards as I speculated they might a week or so back in a laggard move.

The dollar was dumped hard. However the VIX is diverging still. No lower low.

The gap up today needs closing. We are way too high in this rally to leave that big a gap just hanging there it seems. Before P2 tops its should be closed.

Also I am busy at work so no time to answer all the great comments and such (I couldn't read them either no time). I have to cut the grass now....arghhh and its high too...just like the market.

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