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Wednesday, February 22, 2012

Elliott Wave Update ~ 22 February 2012

The market was trading a bit "heavy" today even when it was at its rebound high points.

Best count(s) since the December low. At the lower channel line more or less.

Possible impulse down from the high using the Wilshire 5000.  What should be troubling the bulls is the appearance of that little ending diagonal wedge at yesterday's high. That could signal exhaustion at least for more than a few days.  That wedge was from the Industrials "lunging" up to touch 13,000. Considering the market was 10,450 in only October.

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