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Friday, October 19, 2012

Elliott Wave Update ~ 19 October 2012

This chart of the e-minis, all-hours, doesn't look like a Minute [ii] of Minor 5 pullback. The selloff today was quite bearish and inflicted some technical damage. So the evidence that the market has topped looks strong from today's price action. Yet we still require a lower low
The NDX is leading the way and well below its earlier 2012 high. The NASDAQ100 did deliver a lower low.
The rising wedge. Having a hard time with the upper wedgeline.
The best bearish count is that a wave (ii) expanded flat occurred and we are now in a wave (iii) down. If this is the case, prices are going much much lower. Note the high down volume ratio, etc. This is consistent with a wave (iii).
Wilshire 60 from the viewpoint that the market has topped. Still holding support as of the end of today.
And despite the $100 selloff of Apple it is still overbought on a monthly scale.
Composite long term. Technicals look like there are running out of momentum.

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