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Thursday, January 7, 2010

Elliott Wave Update ~ 7 January

Pushing, pushing , pushing. Lots of overlapping waves. NASDAQ failed to retake 2300. Non confirmation.  qqqq's look exhausted perhaps.

The Wilshire can be said to almost have met its triangle target.

The VIX can be seen to have a very positive divergence.  There was no overthrow yet though.

Here is the DJIA count I posted today. A new high but no overthrow yet.

Possible count for the DJIA squiggles, you can see the "ABC" look about it even though prices were advancing upwards.

I fixed the RUT to a better count. It also made a new high but might not be done.

All in all, everything can be counted as "complete".  So we await tomorrow which is surely to be a volatile day.

Thinking out loud I would say the jobs report will be "good news" and maybe quite the upside surprise (adding like +90K or something).  Big spike at the open exhaustion gap, some spasmodic new highs and then it all reverses rather violently whenever the waves are complete. Looking for the VIX weekly to pierce its lower BB at 17.96 I think.

Anyways, thats what I am looking for as a guarded permabear.   If a spike open resulted in sustained expanded breadth and volume, well, we won;t go there just yet.
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