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Friday, October 22, 2010

Elliott Wave Update ~ 22 October [Update 7:26PM]

[Update 7:26PM: Ho Hum, just another Bank Failure Friday. http://www.fdic.gov/bank/individual/failed/banklist.html 6 banks. Over $2B. Just another drop in the bucket considering the magic black hole spits out hundreds of billions.

Big one is http://www.fdic.gov/news/news/press/2010/pr10236.html with 1.65B in "assets". Thats a pretty big failure.

At what point do the bank failures add up to a panic point? 138 so far this year. Recovery my ass.  The complacency of it all is just mind-boggling. The Ponzi remains intact.

[Update 6:50PM: CMG: last stage of a parabolic rise? I mean sheesh it finished $12 above its upper BB!]
[Update 6:09PM: Did we just see a mini flash crash on the dollar?  It would fit well as a final "thrust" move out of an expanding triangle.]
Volume bars look real enough.  Will a true dollar panic be "good" for stocks? I doubt it.

[Update 5:20PM: Steve Jobs meets Obama in the White House.
http://voices.washingtonpost.com/posttech/2010/10/steve_jobs_meets_with_pres_oba.html

Some people would suggest that Obama is now the "kiss of death".  He happens to have been President in the biggest downswing of social mood in generations so I say he is snake-bitten in that regard.

His Administration seems to be one step behind in social mood - lurching toward more and more government control when America is repulsing at the thought of cradle-to-grave bureaucratic control of their lives.  America was founded on the idea of liberty that has been passed down from generation to generation.

I don't want to start a political spat...

...all I am saying is that events like these are, perhaps like a prominent magazine cover, a potential contrarian indicator. And in this case its Apple and its hefty Market Cap topping Exxon - its surely King of the World. And now meeting the President at the White House to consult on "jobs and competitiveness".  Is this just a shakedown because Apple is sitting on some $50B?

Are we near an Apple top?
Uptrend intact. NDX sports perhaps an ascending triangle of decent size.
Wilshire count supports a spurt higher. (Or a small up-down-then up holding high support - could be a three in a complex pattern)
Update on my overall AMZN count since it seems to trace a nice 5 waves up as of late.
A closer look at the most recent Minor 5 wave 
Even Google sports another neat triangle
BIDU busted up from a near perfectly formed triangle. Had a hiccup now in a wave [iii] perhaps. Prettty much matches AMZN's pattern
So all in all we have a triangle in the NDX, goog is forming a small triangle, AMZN broke up in its wave 5, BIDU busted up in a wave 5 out of a triangle...With all the triangle moves, (and APPLE may be in a wave [iv], it seems we are getting close but maybe not quite there yet.
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