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Wednesday, January 6, 2010

Elliott Wave Update ~ 6 January (Update 6:15pm)

Update 6:15pm

I'm feeling it with the Wilshire too. This is a great pattern at the most logical spot.

Update 6pm:  Check out the SPX. I have it also in an overlapping ending diagonal. Also the 5 minute chart beneath it.

This is a textbook ED developing. Actually its a mini-ED within a larger ED. Thats compounded bearishness !  Anyways its suggests a bullish open tomorrow, maybe even an exhaustion gap.  We'll see. They would have to float futures for a long time to do that. Its also possible to count this as a top today, but it doesn't look as good.

VIX new low but no overthrow and its not clear that we have had a tiny "(b)" wave.   Its coming down to me watching about 4 charts in earnest. I have them here.  Somehow I get the feeling this entire market is staying elevated on one anticipated jobs report on Friday. So tomorrow could be a lot of cross-currents yet again. Things are getting a bit wild underneath the hood.

The DJIA can afford only one more sideways chop day before it runs off the rising trendline cliff.

This DOW 60 chart still requires a (c) wave to peak.

Here is a breakdown of the proposed ending diagonal on the DJIA. Its not textbook, but those usually work yes? I am not sure we have yet found the (b) wave as it might be tracing a triangle and building up energy for a spring upwards. It tried today but was unable to breach 10600.

However maybe it bursts higher tomorrow out of the gate, I don't know.

And the VIX.   I would like to see it pierce its weekly BB band this week which is 18.01. That could mark a VIX low.

And here is the Wilshire. Its not quite into the target area of 11833-11879 minimum zone.

Oil is fast approaching my ideal retrace target zone of $85 - $90. It hit $83.51 today.

Seems like they are running up every index they can. Rotation into financials.   A lot of stocks may exhibit more buying climaxes as for instance Google got smacked a bit. JNK is in the stratosphere on its weekly.

I'll have more later.
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