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Tuesday, November 9, 2010

Elliott Wave Update ~ 9 November [Update 5:16PM]

[Update 5:16PM: CRB hitting its inverted head and shoulder target and the parallel channel line.]
The primary count was looking for a Minor 3 wave high of Intermediate (C) of P[2].  Specifically, after breaking out of the ascending triangle last week in which we labeled Minute [iv] of Minor 3, we were looking for the final five subwaves to form Minute [v] of Minor 3. 

There was a new high on the Wilshire 5000 today which may well be the last subwave of Minor 3.  The SPX did not confirm.  The alternate count is this afternoon's low may be wave (iv) of [v] of 3 of P[2]. We can not be sure Minor 3 is over just yet as the pullback today was shallow enough that it could be (iv) of [v] of 3.  But that should be resolved shortly.
Looking for Minor wave 4 weakness to play out over a possible multi-week timeframe. Looking for the SPX to pullback toward and test the 1170 support.  I don't think a Minor 4 can maintain 1200 as that would be a very shallow retrace.

Preferred wave form for Minor 4 would be a triangle, flat or a combination of some sort (for example - flat-ZZ-triangle)

Looking for a decent NYAD count of Minor 4 also.  

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