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Thursday, April 8, 2010

Elliott Wave Update ~ 8 April

The primary count of Minor C of (Z) remains intact.  Although it is possible to label today's opening low as a 5 wave move down from peak on the Wilshire and SPX,  it really does not adhere very well to EW guidelines particularly the guideline of alternation of corrective waves two and four.  If we count the move down as five waves, you have both wave two and four would be similar zigzags.

So the double zigzag count may be the best interpretation as I show it labeled.

But more importantly, the rebound wave up counts best as a 5 wave impulse. Here is a quick labeling of that rebound today: It adheres to channeling and even the internal subwaves (shown in red) count as 5 waves. You can also see how market internals steadily increased on the day getting stronger and stronger.
And the SPX shows the similar pattern. So the primary count is Minute [iii] of C of (Z). The alternate count of Minor A peaking at 1191 still applies.
And again, here is the overall count that I have been using.  The main thing I think is that perhaps the market wants to touch that upper black trendline to complete the pattern.
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