Custom Search

Monday, September 27, 2010

Elliott Wave Update ~ 27 September

With the new high today, there are enough squiggles to call Minor 2 complete.  Whether the market wishes to extend further is up to the market of course.  DJIA retraced 76.6% just shy of the 78.6% Fib marker which is 10906.

The SPX shows an ending expanding diagonal triangle count much like what occurred at the April market peaks.  This is the most difficult count that the market could possibly come up with to disguise its intentions. I happen to believe its intentions are a dramatic reversal erasing all gains above 1100 SPX.   A rapid price move back below 1100 in a few days (wiping out 15-17 days of advance) seems to be the way things are done in today's casino market.  Why would this be any different?

Note the alternate shows yet another spasm higher (just like the April highs kept spasming as many times as it needed).
Long term DJIA count. Its a bit different then my other indexes.
Look, if things change, we'll adapt.  But at the moment you can see a pretty decent 5 wave leading diagonal and a deep 3-wave retrace per EWP theory.  If its looks like a duck, I'll call it a duck for now until it no longer quacks. Its still quacking at the moment at least...
blog comments powered by Disqus