[UPDATE 9:25PM: From a wave alternation point of view, sometimes its best just to zoom back on things and simplify. From this standpoint, this chart also supports a squeaker new high on the Wilshire. By then of course, people (mostly bears and bear haters) will be downright apoplectic. I look forward to that. I have had patience this long, whats a few more days?
This chart of course supports the FED 2 day meeting with perhaps a huge sell-the-news event at the end.
Beware though, I have a habit of projecting that one last wave high that never comes. So this is still my alternate just for that reason alone and the fact that the waves count too funny from the [iv] spot up.]
[Update 9PM: Top alternate count for the Wilshire pretty much mirrors my alt for the SPX. This chart has a lot going for it to include an unfolding megaphone ending. All wave [v] would need to do is squeak to a new high. I think if prices struggled in getting there, that would be high odds that a wave five top is being put in.]
[Update 5:40PM: Update on the breadth thrust and PVT indicators I track using Think or Swim, same that I use for e-minis.
Breadth Thrust is still aligned for a major fall in prices.
PVT has practically hit the trendline from the 2007 top.
My proposed double ZZ from Friday's update http://4.bp.blogspot.com/_TwUS3GyHKsQ/TTn9UDg5RAI/AAAAAAAAIgY/mnJQEsI4Lvk/s1600/wlsh1.png panned out for the moment.
The DJIA did have more upside as proposed on Friday http://4.bp.blogspot.com/_TwUS3GyHKsQ/TTn9LXCGW5I/AAAAAAAAIgU/HDyWwt3T47g/s1600/indu1.png
And the alternate count for the SPX which may not match the Wilshire. Its a fractured market obviously at the moment which is how tops can be normally.
A good showing today in the NYAD. Just a backtest of the broken trendline?
Tops are a process. The bigger the top, the bigger the noise. Keeping an eye on the total market.
I'll have some more counts later.