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Monday, December 6, 2010

Elliott Wave Update ~ 6 December [Update 6:12PM]

[Update 6:12PM: NYAD and BPSPX . NYAD only need to make a new high eventually to fulfill its destiny.
Weekly getting that last wave 5 bump up maybe
BPSPX is kind of like a proxy for bullishness.  Its high.

[Update 6PM: If gold pulls back from here, then it might be forming an ascending triangle. Otherwise Minor 4 is likely over.]
Perhaps $1500 wants to be reached. Nice ring to it. The upper channel line may be the target connecting Primary [1],[3] and [5] tops.
Primary count is that Minute [i] of Minor 5 has topped out today. There was a small intra day triangle today which leads me to believe that the top of [i] is in.

Looking for a wave [ii] pullback still.
SPX. Note the triangle and the new high fulfilled.
Wilshire. Minute [i] is pretty much as long as Minute [v] in the previous wave 3. So you can see it "looks" right at least.
And the larger picture. Note the little double negative divergence on the RSI indicates we are looking for wave [ii] weakness.
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