Elliott Wave Update ~ 28 November 2011

The day ended with the NYSE up volume ratio at 97%.  NASDAQ up volume ratio was 91%.  Yet advancers versus decliners was only 83% and 82% respectively.  And total volume of the market was nothing to write home about.

So despite the retarded upside opening, this bounce fits in perfectly with a subwave ii scenario. The ideal price target would be 1212-1223ish.

Then the market would again rollover and head lower under 1150SPX  and possible setup for a point of recognition in a "third of a third" (specifically  [3] of iii of (iii) of Minute [i] of Minor 3 down.

Overall count on the daily:

 The weekly shows the overall battle between support and resistance. 

Wilshire count:

SPY Count. Note the opening volume ratio, etc. It calmed down a bit by end of the day.

SPX Hourly:

SPX squiggles: