Custom Search

Wednesday, February 23, 2011

Elliott Wave Update ~ 23 February [Update 8:16PM]

[Update 8:16PM: China
[Update 7:15PM: IYR's proposed ED pattern wedge. This chart and the CAC http://1.bp.blogspot.com/-2JYVNAjsgjA/TWRgss1Sr2I/AAAAAAAAIvw/5KUvBjS7EDA/s1600/cac.png and others suggests the worldwide markets are in for a very bearish selloff.

If it doesn't come to pass then so be it. However huge potential ED patterns such as the CAC are not to be lightly.  Europe's banks are under tremendous pressure and France is the bagholder perhaps.

ORIGINAL POST
The Wilshire and DOW charts below shows perhaps the squiggles best in that it seems to be an impulse move from the top.

Can we expect a quick wave (ii) bounce to the blue area which coincides with the 50% Fib marker?  Not predicting it, but if it happened it  would certainly be a normal oversold wave (ii) bounce area.
INDU
Wilshire trendline broken under
The Wilshire monthly shows the market is still outside the upper Bollinger Band..
Lest I be accused of a permabear with blinders, I am very keen on keeping an eye on the top alternate and bullish count. Only time will tell. It  certainly has validity to the count.
NYAD has not retreated very far at all compared to market prices. That can be considered bullish. Its at the channel line though.
blog comments powered by Disqus