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Tuesday, September 7, 2010

Elliott Wave Update ~ 7 September [Update 5:20PM]

[Update 5:20PM: Gold sentiment is quite bullish http://www.marketwatch.com/story/gold-timers-showing-a-lot-of-excitement-2010-09-07?dist=afterbell
The long term weekly concurs technically with the idea of a 5th primary wave.

Minute [iii] of Minor 3 need not start with a bang.  It could just dribble slowly at first only picking up steam when key support layers need breaking.  Today was one such day perhaps.
The VIX is a very interesting daily pattern and, for now, looks like a possible abandoned baby candlestick at the end of a falling wedge 5 wave pattern, each leg consisting of "threes".
More than anything since the early/mid May troubles, fear has been "correcting".  The market may yet again be ready for a wake-up call in volatility.

VIX weekly is still in a bullish configuration technically. And dare I suggest its a cup and handle pattern with the handle now fully formed?
NYAD may need one more squiggle to achieve a new all-time high and complete the double negative divergence. This would mean the bulls might make another run at squeaking above 1100 SPX.
We'll see. Maybe it'll end truncated.
BPSPX hit my Minute [ii] target range last Friday.
The dollar chart "looks right".  That is a big plus.
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