Custom Search

Wednesday, November 17, 2010

Elliott Wave Update ~ 17 November [Update 7:19PM]

[Update 7:19PM: Keeping an eye on the Price and Volume Trend of the DJI. Obvious huge divergence already. I'm looking to see if PVT breaks under the purple horizontal live.]

[Update 6:35PM: My NYAD count helps keep my bearings when viewing the markets.  I was projecting a wave 4 NYAD count and now it is playing out.   What is interesting about this chart is that it projects the final market rally to occur over low-volume holiday time as it has in the last few years. This is when the algo's can "have their way" perhaps and push the tape around more easily for certain.

Ending the year on a high would of course mean record mega-billion bonuses for Wall Street. "Doing God's work" - indeed.

This NYAD won't lie. Its raw internal data. It too has, as you can see, a valid wave count. And that count is almost over. I so do wish I get my NYAD wave 5 of (5) of [5] of V.  Then its all downhill from there....yes thats the raw outcome of my count.....
[Update 6:04PM: Playing around with the SPX squiggles. We have a potential backtest situation on 1194-1195 resistance and the downtrend line.]

Not much has changed. Still projecting a Minor wave 4 count and trying to confirm a wave [a] price low.

The double ZZ count down for [a] requires yet another new low
Larger picture shows the Minor 4 count is still solidly on track. Not much else we can do but have patience. We expected this pullback after the previous ascending triangle breakout and now it has occurred.  Minor wave 4 should find support somewhere between 1155 and 1175.  It has hit 1173ish. So its already in range. But another price low would certainly work for the squiggle count of a double ZZ.
blog comments powered by Disqus