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Thursday, April 15, 2010

Elliott Wave Update ~ 15 April [Update 9:05PM]

[Update 9:05PM: OIH in a big textbook triangle which may be breaking up already.]

[Update: 8:55PM: Patiently awaiting XOM's huge primary wave triangle. If anything spells long term doom for stocks, its when the King is moving in slow-motion contracting waves. The big gap however is the incentive to get back up to fulfill the (E) wave.
A shorter wave chart tracking the (E) wave shows the overlapping mess and we may have spotted a B wave triangle in the middle.  If C = A, it takes the price back up to the bottom side of the gap on earnings day. Maybe they buy the earnings and it retakes the gap momentarily or does so before earnings.  Just guessing here. But my gut tells me it will close that gap or challenge it in some way.

It has a supporting trendline under it.

[Update 8:13PM: Transports met their massive inverted H&S target. Overbought weekly, blah blah blah...

[Update 5:33 PM: I have neglected AMZN lately and I revamped its wave chart completely. its impulsing up in what appears technically to be a fifth wave. But like Apple, picking where it finds its high will be tricky. Personally I think both Apple and Amazon will sell the earnings report just like Google did.  So we must assume both AMZN and Apple will stay elevated until they report. This is not a $21 Intel stock, its already got a huge forward P/E on it....

Sideways action today suggests a Minuette (pink) wave (iv) of [iii] of C.   Using the base channel and acceleration channel technique, we can see this 5 wave C structure is starting to take shape.

The entire wave structure points toward a 1227 peak or so which is the 62% Fib retrace for the entire retrace back toward the 2007 high.

Again, the key is the "blue box" area I have marked. This gap area should remain open until this entire up structure (P2) is finished.
Again here is a "gee whiz" projection of the perfect wave to the 62% retrace spot.
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