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Monday, October 24, 2011

Elliott Wave Update ~ 24 October 2011 [Update 4:56PM]

[Update 4:56PM: Here is the proposed Minor 2 count so far using the Wilshire 5000 30-minute chart.  Note the "look", the correct proportionality of it all and how wave action matches price action of support/resistance. That makes a good aesthetically pleasing chart.  It may not be correct in the long run, but for now it feels about right.

With the Zweig Breadth Thrust having tripped a few days back, the tenacity of the uprise is not surprising.
It seems wave (i) of [c] of Minor 2 up has extended far enough up so that wave (ii) of [c] down can backtest 1226-1230 as support.  That is the primary count.

Note the pattern where small sub-minuette (black) seem to be extend.  Hence, I have today as an extended v of (i).
A Minor 2 target north of 1300 SPX seems doable if this is merely wave (i) of [c].
A look at the daily.
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