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Monday, April 9, 2012

Elliott Wave Update ~ 9 April 2012

Last Thursday it was stated that if this is a wave Minute [iv] pullback, then prices should overlap with the previous subwave (iv) of [iii] price range. The Wilshire5000 now has an overlap. However the SPX low of today - 1378.24 - does not yet (barely) have price overlap.

So one has to conclude that further price decline for Minute [iv] has to occur so that the SPX overlaps within the previous price range of (iv) of [iii]. This range is 1340.03 to 1378.04. Ideally if this is Miniute [iv], prices will hold considerably (or marginally at the least) above the previous pivot of 1340.03.  

This implies the "pullback" price range for Minute [iv] optimally would be 1355-1360 SPX.
In terms of SPY there are several large gaps down (and unclosed gaps up)
The Wilshire reflects the larger picture.
The dollar has painted an important uptrend channel/trendline.
Wilshire long term:

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