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Tuesday, September 6, 2011

Elliott Wave Update ~ 6 September 2011

Primary count hasn't changed. Still working on Minute [v] of Minor 1 down.  A new low under SPX 1101.54 is eventually required.

Squiggle count has 5 waves down from the recent 1230 high so this bounce counts as (ii) of [v] of 1. After (ii) finds its peak it should sell hard again in a wave (iii) of [v] of 1 down.
The bigger picture shows this decline has less market internal intensity than the wave [iii] plunge. This is consistent with a wave [v] of 1. However sentiment should get downright the most bearish on [v] which is probably occurring.
Squiggles count nicely impulsing down in 5 wave segments and channeling nicely, rallying in 3 wave counter-trend moves. Shades of 2008 all over again.

I assume today is part of a wave (ii) of [v] bounce because its obviously the biggest rally since the 1230 high and subsequent decline and prices broke out of the down channel.
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