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Monday, August 27, 2012

Elliott Wave Update ~ 27 August 2012

Today finished tracing what appears to be a 3 wave up corrective that we label wave ii. Therefore the market is setup for a bear wave iii down.
Or we can label like this:
Wilshire 5000:
VIX looks primed to fill its overhead gap sooner or later:
SPX daily. Remember, if its a true ending diagonal wedge - and the internal wave structure supports that notion along with weakening technicals in each successive leg - then a huge price collapse is coming due to a 2 year exhaustion pattern.
Remember this chart? Its a visual presentation of Bob Prechter's theory of a 7.25 year cycle. October is about the midpoint.  Eerily it obeys that ellipse.

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