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Friday, August 3, 2012

Elliott Wave Update ~ 3 August 2012

Looks wedgy on a slight RSI negative divergence.
Wilshire5000 has not yet confirmed the S&P 500"s move to a higher high today.
NYSE ended 83% advancers vs. decliners and 89% up volume ratio. Not a 90% up day. NASDAQ ended  77% and 83% respectively.  Yes a very good day internally but nowhere near the heydays of the early rebounds in 2009 and 2010.

The wave structure up since the 1266 low is extremely choppy. Everything still indicates that things will reverse in a Minor 3 down.
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