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Friday, May 13, 2011

Elliott Wave Update ~13 May 2011

A contrast between the Nasdaq Composite, DJIA and SPX shows the Composite and DJIA have valid wave [iv] potential corrective waves yet the SPX has a lot of overlap with its wave [i].  I don't have a great deal of confidence in the count mainly because of the severe overlap in the SPX and Wilshire 5000.

But we must give it a chance until it proves us wrong.  We could wind up with a non-confirmation situation between indexes with the SPX failing if the market can manage to make a breakout move higher. It seems to be running low on gas though.

Still, with all that said, the week ended in the support zone in the SPX.

And the price action of late smacks of triangle waves of some sort.
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