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Monday, March 12, 2012

Elliott Wave Update ~ 12 March 2012

The daily VIX has 4 straight uncovered gaps down after a double gap up. Today it closed under its Bollinger Band.
Wilshire 60 shows the overall outlook.  Looking for another hit on the steep up trendline perhaps.
Revised 30 minute count to presume this is/was Minute [iv] of Minor C of (Y) of P[2].

SPX Weekly. The cycle count shown here is a the top competing long term count versus the cycle wave c -  P[1] thru P[5] construct. Either way, they both are calling for huge downside.

Going back through time, you can really get an idea of the resistance the market is working on here.  Its trying to get on top of 1370 solidly so it can open the door to 1400.

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