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Tuesday, March 16, 2010

Elliott Wave Update ~ 16 March [Update 7:38PM]

[Update 7:38PM: Its about time for the dollar to put up or shut up.  It still needs another pop or its just a big freaking ABC up if you ask me.   Its about reached a bunch of potential support areas.]

Its all a matter of whether bullish sentiment is approaching January peaks or close to it.  Extreme bullishness should result in a market pullback. Of course the million dollar question is what will be the nature of that pullback.

The DJIA looks kind of wedgy. Still beneath January highs. Still in a bearish DOW theory configuration.
The DJIA does not have a valid inverted H&S formation but the SPX probably does. 1178 is the target roughly.
There is overlap on the DJIA. So maybe some kind of ED going on. We'll know tomorrow if this is the case.
The VIX weekly is still, barely, maintaining positive divergence on the RSI. If this melts down then I suppose the market will melt up.
The VLE is on the verge of an all-time high. If we were to suppose it does not make it to a new high, that would imply a major turn is almost upon us.  The ROC is flat.
Squiggles are getting hard to count. They were at the 666 low too. Could be a sign of a top in that its looking a bit forced now.  Still could be an extended wave 5. Could be I am just wanting it to be.  I squiggle, you decide.
And finally, the 1930 rally had a relentless steady advance of prices up until they didn't.
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