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Tuesday, November 3, 2009

Elliott Wave Update ~ 3 November (Updated)

UPDATED 5:48pm: The Wilshire5000 chart did indeed finish on the high which confirms what could be interpreted as a 5 wave move leading diagonal triangle from the 1029 low at the very least.

Lots of ways to count the squiggle mess but one thing that stands out is that it was a very overlapping complex wave mess. Sometimes thats the way it goes when a market is trying to build a base from which to launch a rally from. You still have stocks and subindexes falling at differing rates. Some are bouncing some were not.

Watch the overnight action on the e-minis as they are once again up against the channel. The last time they were here they lost the struggle and the market ripped down. But the VIX closed back inside the BB today so, again, I give the market the benefit of the doubt at this very hour.

But the jury is out. Until it clears over the down channel, I cannot say for sure we are in a Minute [ii]. Even the squiggles back up from 1029 count best as a corrective "three" zigzag so far.

As you can see on my 5 minute chart, the market requires 1 more squiggle up to break out of the channel and confirm a 5 wave move off the 1029 low.

Isn't it always like the market to keep us hanging at the end of day unsatisfied and wondering?

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