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Wednesday, February 2, 2011

Elliott Wave Update ~ 2 February

We were expecting a sideways wave http://3.bp.blogspot.com/_TwUS3GyHKsQ/TUh49R71bGI/AAAAAAAAIkw/QoB5u3Az-_0/s1600/spx1.png (iv) of [v] of 5 of (C) of P[2] and today fulfilled that role. However, the apparent intraday triangle did not prevail in a bounce off of our base channel for the current Minuette wave structure.

The bottom line? All that is required is that a new high be set to fulfill Minuette (v) of [v] of 5 of (C) of P[2]. Then we see (again). Anyways, thats the primary count.
The SPX is facing resistance at 1313 - the summer of 2008 trading peak. 13 is a Fibonacci number.
Dollar has reached the long-term trendline. Volatility should be coming into play at this line.

Note the ranges and all the "alt" possibilities.  I am just waiting to see what happens here. Dollar daily sentiment is getting quite low again.
GDOW makes beautiful patterns. Sure looks like 5 down and 3 up since the 2007 high. And there is no ambiguity if the GDOW could be in some expanded flat from 2000. It cannot. So the five off the top in 2007 is the "start" of the corrective.  At the least, we can expect another 5 waves down to form a 5-3-5 zigzag. We just need to find the end of the (A)(B)(C) corrective.


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