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Tuesday, December 6, 2011

Elliott Wave Update ~ 6 December 2011

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There is a possibility the (b) wave of final zizag wave [y] of Minor 2 has been tracing out a running-type triangle the past few days. Today's price action was somewhat complex and struck me as a "d" wave in a triangle.

The Wilshire would show that count as such:

But there are other ways to label the squiggles at the moment. For instance I could label today the top of wave (a) for the DJIA:
Or we could label the S&P500 as a (b) wave flat and today's rise was wave b of (b).
The triangle implies there will be some upside surprise and we don't get any deeper "pullback" for wave (b).

Even the e-minis sports a potential stealth triangle. Stealth triangles work best as they are not easy to spot until its too late.

In any case, we have clearly a wave "c" low and any breach to the downside under "c" violates the triangle on either the cash index or e-minis.
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