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Friday, December 2, 2011

Elliott Wave Update ~ 3 December 2011

I think we nailed the last few days in projecting the completion of a full 5 wave impulse pattern from the 1158 recent low.  We call today's peak wave (a) of the second zigzag wave [y] of Minor 2. It met my lower price range of 1259-1280.

Primary count shows wave (b) should ensue and, if this is a (b) wave, support from 1215-1226 should hold.  Anything weaker than that starts to damage the overall bull potential. A breach under 1200 is an outright reversal in my opinion.
Daily shows resistance/support.  Its a logical spot for a pullback to test the support range of 1215-1226 SPX.  The market could maintain a "high price" (b) wave much as the first zigzag did which had a shallow pullback. We just won't know until Monday.
Wilshire 60:
INDU count for good measure:

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