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Friday, March 25, 2011

Elliott Wave Update ~ 25 March

Leading diagonal count is likely null and void as a wave pattern for the SPX as the retrace was too high. Its certainly a high retrace in the DJIA.

We have a blue box virgin wave space on this up move.  If we imagine this is the middle of an up structure Minor 5, then it ideally shouldn't be retraced into completely.  This would be your approximate "dip buy" spot if you are in the Minor 5 camp.

It still counts best as a double zigzag up at the moment.  But if we see some further wave fours and fives fill out, then it would be a better-looking impulse. Monday is the key day for this structure.
 The upper blue channel line is the Supercycle line. Keeping an eye on a potential Zweig Breadth Thrust event.  
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