Custom Search

Wednesday, February 1, 2012

Elliott Wave Update ~ 1 February 2012

One of the last "unfinished business" was the dollar chart filling its large gap up on the futures. It has nearly done so completely.
The squiggle count makes sense that today was a wave [3] of v of (c) of [y] of Minor 2.  Internals seemed pretty strong and conform to an idea of a wave [3].
As far as all the alternate squiggle counts go, the SPX chart below shows the top variations. Perhaps wave iv is not quite over and will end up triangulating in order to try and get over the 1333 "hump" for wave v.  This depends on how tomorrow opens.

The wave v (hence Minor 2 top) target range is 1334 - 1351 SPX. If the market opens up tomorrow and makes it over 1333 SPX, then you can consider it wave [5] of v of (c).  If the market opens down, it may try and continue to hold major price support (1296-1306), triangulate, and launch a wave v after more selling is chewed through later next week.

So tomorrow is a key day.
A close under 1296 is bearish in my opinion and signals an end to the uptrend and Minor 2 itself.

Again here is the overall count and big picture using the Wilshire5000. 




blog comments powered by Disqus