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Wednesday, April 18, 2012

Elliott Wave Update ~ 18 April 2012

Last week when the market rebounded sharply to 1388, the next day saw somewhat of a reversal and a wipe-out of that day's price gains.  The market was unable to consolidate that big up day.

The market managed yet another big day yesterday and today did a better of job of consolidating the gains. Yet still the DJIA closed down 83 points and market internals were weak all day. Again the SPX closed below the previous breakdown range of 1388-1391 SPX.  So we have a mixed bag going forward.

Based on the short term wave structure, it favors another stab at re-taking this resistance range labeled either as a double zigzag corrective or an upward flat. They essentially would be the same.

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