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Wednesday, April 6, 2011

Elliott Wave Update ~ 6 April 2011

Is the Wilshire and SPX trying to break to new highs in a  Minute [v] of Minor 5?  Question is, is Minute [iv] over with just yet? Or is it tracing a complex sideways correction?

Wilshire came within points of a new P[2] high.  Minute [iv] admittedly looks too shallow and small. So we got to give it another day to see what shakes out.  We should be able to identify a decently strong wave (iii) of [v]. I thought today's opening was going to be wave (iii), but it was not able to break resistance just yet in the SPX gap. Hence I labeled it as a Minuette (ii) expanded flat. We'll see what tomorrow's opening brings.
Another option showing the SPX in a more vigorous Minute [iv] corrective count with a move down to SPX 1319 or so. A break under 1313 is bearish.  Again, we should know by market open just what it intends to do.

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