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Wednesday, October 27, 2010

Elliott Wave Update ~ 27 October [Update 7:45PM]

[Update 7:45PM: I generally like this count below.  Its not a picture perfect wave structure, but the market seems tiring so its to be expected.  But I am going with this for now. Not really changing a whole lot from what I have been showing, just tweaking as we go along. Thats what we are supposed to do.

Probably no one has this count as I have laid out and thats why I like it too. We'll see. It could fall apart tomorrow I would be just fine with that. But the waves don't yet suggest (5 wave impulse down) that is happening just yet.
I think a near-term count is starting to materialize. As I stated last night, the price action appears to be triangulating in an attempt to consolidate and make a stab at getting over resistance (1195, and the 1197-1202 SPX gap).

The banks have had to "stabilize" the past numerous sessions to allow the SPX to remain this elevated.

I use the Wilshire for form here.  The form looks pretty decent.
I'll have more later.

Love him or hate him, Bill Pimpco might just read my blog....http://www.marketwatch.com/story/qe2-a-ponzi-scheme-says-pimcos-gross-2010-10-27?dist=afterbell
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