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Thursday, February 16, 2012

Elliott Wave Update ~ 16 February 2012 [Update 5:11PM]

Update 5:11PM: Quietly broken a 4+ year downtrend line.
 ORIGINAL POST
Prechter's stop of 1360 lives on for another day. 1359.02 was the close.

The head and shoulders pattern on the futures is technically still intact. It lives on for at least by the time I post this.
The 5 minute squiggle count since the 1300 pivot has probably outlived its usefulness as suggested yesterday. Time to look at some different wave charts and timescales.

Wilshire hourly. Perfect hit of the breakout target.
Nikkei one of my favorite charts at the moment.
NYA:DJIA comparison. NYA is lagging.

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