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Friday, March 4, 2011

Elliott Wave Update ~ 4 March 2011 [Update 4:50PM]

[Update 4:50PM:  Fibonacci chart. Any breakout to new highs will be attracted to these numbers: 1352 SPX, 14350 for the Wilshire5000.
ORIGINAL POST
Using the total market Wilshire5000 sums up some primary and alternate counts.

Primary count is down.But this implies the wave (ii)  (or wave [ii] if you prefer that degree) must be over. In other words, there can be no more delay in the power of wave three down.

A close alternate count has the market tracing a triangle which is more apparent on the e-mini futures than the cash index.

The secondary alt:[b] represents a more protracted triangle that needs to develop.  If this is a Minor sized triangle (or double three combo) than it certainly can have more time to develop. The main theme here is that 1294 stays intact as a continued sideways move develops.
The SPX shows the gaps. A close under yesterday's gap up would have been very bearish. But Scotty saved the day once again!
I'll have more later.
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