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Wednesday, October 17, 2012

Elliott Wave Update ~ 17 October 2012

Price action has been strong enough to surmise that Minor 5 up of (C) is tracing out a 5 wave pattern.

Remember the best count since the 2009 low is likely a double zigzag (two primary-sized 5-3-5 zigzags) cycle wave count.

The Industrials shows the count. The Wilshire5000 would likely also be labeled best this way. Remember, we already have enough waves in place to label this as is.

Using the Wilshire5000, we can get a detailed look at wave (C) of [Y].

Zooming in even closer we can see that Minute [i] of Minor 5 of Intermediate (C) of Primary [Y] has traced out five waves up.  I would expect a pullback for Minute [ii].

The wave (ii) expanded flat is still of course a possibility.  It will take lower lows of course to confirm.

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