Custom Search

Wednesday, February 10, 2010

Elliott Wave Update ~ 10 February [Update 5:57 PM EST]

[Update 5:57PM:  JUNK topped prior to the market top so it is likely leading the market.  It is impulsing in 5 wave structures and correcting in 3.  Look at the end of today.  5 waves down at least.]

Lots of moves that count best as zigzags at the moment.  Could be a long-winded triangle in the making.   Although the time factor for a (ii) of [iii] seems to be dragging on (that is, if we have a new recovery high coming - which is not certain at all), it is not a big concern. Price, wave form and technicals are primary. Overhead resistance is still solidly overhead.  The upper channel line will soon be tested.

As EWI says, the market will move only when it is ready.

A break under 1059 is very bearish and nullifies this triangle pattern.
BIDU squiggle chart.   Of course BIDU's  potential price collapse is dependent on the overall direction of the market and the assumed completion of the large ending diagonal triangle pattern.   A continuation of Minute [iii] down for the markets would likely drag BIDU through the mud...

A squiggle chart supposes that BIDU is on its last gas.
And finally, there can be no rally without the banks. 
blog comments powered by Disqus