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Thursday, October 22, 2009

Elliott Wave Update ~ 22 October

No solid 5 wave structure down. It all looks corrective when you add it all up. I have to assume that the market low today was a Minute [iv] low. It almost closed the big cash index gap at 1073-1078. So consider it "closed" for all intents and purposes. 1080 broke under but recovered in short order.

So what next? It appears that the real-deal Minute [v] of 5 of (C) has finally revealed itself (I think).

Using the EW method of "base channel" (waves 1 -2), "acceleration channel" (wave 3), deceleration channel (wave 4), is how I estimate where the wave stucture may be overall. Its the best I can do.

The one good thing is I think the likely markings of Minute [i] through [iv] may now give us some expansion ratio targets for Minute [v].

If Minute [v] = Minute [i], = 1114-1115 SPX.

If Minute [v] = .618 x [i], then your looking at 1101 area again.

I figured Amazon would go ape tonight but even its a surprise how high its going in A/H's. I mean wow was I dead wrong on its price moves.

What did it earn like $1 share? .75 share? Oh yeah .45 cents.

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