Custom Search

Tuesday, August 17, 2010

Elliott Wave Update ~ 17 August [Update 8:43PM]

[Update 8:42 PM: TED spread keeps getting hammered. Yet the decline still has a distinct ABC form.  Some interesting Fib numbers coming up including the 78.6% retrace.]
The wave structure doesn't get much better than this. We have 5 waves down and three waves up (at least from a 30 minute chart its sure reads that way).

Kissed 1100 again.  50% retrace. Time-wise on the cash index we have nearly 4 days of decline followed by 2 days of retrace.

Yeah it could turn into something more complex, but for now we'll just throw a big fat (ii) on top at the 1100 area and see what happens.
Inverted H&S target met
Gold shows signs of indecision at resistance. Wave two peak? If it is a wave two, its certainly mature enough.
And the NYAD made a lurch toward a new high and had the market closed much stronger on closeout, it may have well gotten back up there a bit more. But for now, this could be a failed 5th or a wave two back up.  We'll keep this chart in the back of our minds but the overall cash index wave structure is what we go by.
Two lonely candles hanging out on Bonds
Dollar might have a bit more left on [ii] but it looks good when you can see the first and second waves on a daily.
The dead weight of the markets is calling prices down.
blog comments powered by Disqus