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Wednesday, October 28, 2009

Elliott Wave Update ~ 28 October

Lots of indexes are breaking down. Banks and transports aren't faring well. The qqqq's are starting to really tumble. Fear is picking up. The rising trendlines are broken.

If a "GDP day rally" is to take place, backtesting the big rising trendlines from the March low would be a good target for starters. On the SPX thats at about 1060-1062. Big resistance has now start to set in at 1060. Even bigger at 1072-1075.

Guessing when bullish bounces will occur on P3 will be just as hard as trying to guess bear declines on P2.

The SPX closed well under the 50DMA. Bearish and indicating an intermediate trend change.

Some quirks to be sure. BIDU bullish again today and AMAZON held up well. Seems AMZN wants that $130+ target? These 2 stocks are no doubt being eyeballed by many a trader expecting declines so of course they will not. But perhaps they are laggards....

Apple is closing its gap up and likely peaked at $208. Visa had a nice day. Earnings season is not yet over but almost.

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