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Friday, December 9, 2011

Elliott Wave Update ~ 9 December 2011

Primary count is that wave (c) of the second zigzag [y] of Minor 2 has kicked off today.   That implies that we are looking to count five sub-minuette (black) waves to the top of Minor 2.

Rough target range (for now) for Minor 2 is 1293 SPX - 1327 SPX.

Today's market internals were fairly robust.  Advancers versus decliners on the NYSE finished at 5.93:1 (85%) and up volume ratio finished up at 92%. NASDAQ was 82% and 88% respectively. This would make an appropriate "kickoff" day for wave (c) of [y] of 2.  Bullish, but not too bullish and showing a weaker kickoff then the (a) wave of [y] and also no Zweig Breadth Thrust as in the first zigzag [w] off the October low. (The indicator fell well short today of achieving that again)

So it seems appropriate that we have perhaps "just enough" buying interest to finally fulfill wave (c) of our second zigzag but not robust enough to take the market much above 1292 SPX in my opinion if at all (we could experience a slight truncation on wave [y] after all.

Thats the best count at this moment.

Lets go to the counts:

Re-labeled the Wilshire also as an expanding triangle.
INDU's count has a slight variation:
Wilshire weekly shows the really big picture so we don't lose sight that this is all borrowed time in my opinion.
Minor 3 down is lurking around the corner. We are getting there.
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