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Wednesday, September 7, 2011

Elliott Wave Update ~ 7 September 2011 [Update 6:40PM]

[Update 6:40PM: I have several examples of continuation H&S patterns in wave four events from P[1] in 2008.  In both cases, the downside target was met.

Here is another look at the potential continuation H&S pattern in the SPY and SPX. The head must remain intact for it to be valid.
Same chart only in SPX terms. Downside target roughly 1056 SPX. Again our "control" for this pattern is the previous 1230 SPX high. If that is taken out, that nullifies the continuation H&S pattern.
And here is a couple of examples of continuation H&S patterns from 2008 - both wave four events albeit at differing degrees.
I used the Wilshire 1 minute chart to count the micro-squiggles. It was a fun chart even if it turns out completely wrong.

Could see a pop up tomorrow to open to finish the pattern (ended on the high so the pattern may be finished already)  and then this count has resistance bringing out selling again.
SPX 5 minute. Within the realm of a second wave retrace. 1208-1210 is resistance. 
1208-1210 is resistance plus throw in the down trending line at the same point. Also a setup for a potential continuation-type head and shoulder pattern. The breakdown target would take the market under the required 1101 SPX mark.
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