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Friday, February 24, 2012

Elliott Wave Update ~ 24 February 2012 [Update 5:05PM]

Update 5:05PM: Detailed Apple count over the last many months. Proposed extended wave 5 of (5) of primary [5].
Still tracking the possible ending diagonal triangle count.  ED's are like triangles in that you cannot rush to label them too early.

Marker internals can be seen to get weaker. Today was one of the weakest so far despite the fresh market highs.Wave degrees will be worked out in time.
Industrials could use a pop to finish out a wedge.
The dollar is a key market at the moment (as is Euro).
SPX possible squiggle. Its hard to count which is appropriate. Again note the waning market internals.
What about all that money that is supposed to leave bonds and head into stocks? Well, stocks are actually at the "overvalued" mark.  Bonds are "undervalued". (Via Sentiment Trader)
Even the GDOW sports a potential wedge finishing today at major number resistance (2000)
MUB has cracked and follow through today to the downside on volume. Taking back about 30 days of trading in only 2 down days with potential for more.  Thats the danger of being long in these markets at the wrong price.
NDX daily.
APPLE count. There is negative divergence on the on balance volume. 214 hedge funds own Apple.

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