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Monday, May 3, 2010

Elliott Wave Update ~ 3 May

Today reversed up in the continuing pattern of larger price swings in the markets. Market internals were again smaller up total volume and the volume ratio of 3.53 was nothing to jump up and down about. However advancers were pretty positive at 3.41 ratio.

My primary count still has the market at some degree of wave (ii) or a subwave ii back up in the SPX.

According to my SPX tape mapping below, the gap up today is probably very important to remain open for the bulls.  Total volume,  today's candle contracted pretty good.
So again, we are back to waiting for the market to resolve the short term wave patterns.

As I speculated on one of my charts last Friday, a double-shoulder pattern could be in play with the "inner" shoulders smaller than the outer shoulders.  The market needs an outright new high to avoid a head and shoulder pattern altogether.
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