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Tuesday, December 28, 2010

Elliott Wave Update ~ 28 December

The wave structure has traced sufficient sub-waves to include small scale waves to complete the Minor 5 wave move from the July low.

So we are awaiting key reversal confirmation. First, we need a five wave structure down. We did not get that today on the Wilshire (or SPX) in the morning as I pointed out, and that led to a new afternoon high, at least on the SPX. Second we are awaiting key support levels to break under. On the SPX a close under 1246 would probably indicate some new structure was developing.

SPX Minor 5:
SPX Minute [v]:
SPX Minuette (v). It may need yet another spurt, however I am satisfied it is complete if it sells off instead. I do have a habit of expecting that one more squiggle. It may not be there.
Wilshire failed to make a new high this afternoon versus the SPX. I suggested this may truncate or the high was in this morning. Either way works. We'll see.
Intermediate (C).
INDU may be in an ED pattern.

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