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Tuesday, March 13, 2012

Elliott Wave Update ~ 13 March 2012

The Wilshire 5000 finally confirmed a higher intraday high above its 2011 high. Its been a Fibonacci 3 years from the 2009 lows.

Here is the overall wave count.  This chart was re-done in non-log scale. Its gives a slightly differing look.

The pattern actually has a "megaphone" look about it which generally can be a very bearish pattern.

Also note that the second corrective (X) is larger and deeper than the first corrective in 2010. Thus the P[3] up count does not fit well, hence the double zigzag count.
Wilshire target:
VIX Daily. Lowest (13.99 print on opening) since summer of 2007. Ah, good memories. Again closed outside its BB.
DJIA wedge. Throwover?
Price and Volume Trend.  Diverging.
I'll keep showing the GDOW I guess until it no longer matters.  Prices are below its 2010 high, let alone its only 62% back to its 2011 high in an A-B-C move.
SPX big close over its BB.

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