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Thursday, November 1, 2012

Elliott Wave Update ~ 1 November 2012

Sorry for the late and short posts lately. Had power and internet access problems lately. But they are finally resolved (yeah!).

As far as the market's wave count, it hasn't worked out in any definitive direction one way or the other.  We don't have a complete impulse down from the top, but neither do we have a good corrective count suggesting a higher high above 1474 is coming either.   The market needs more time to work out a better long term count.

Yet the SPX candles shows the situation. Clearly we are still in the lower trading range created by the last 2 big up candles in the move toward 1474 over a month ago.  We are at "QE3" day resistance.  

If the market can break back above QE3 Day resistance, and hold as support again, a move toward new highs above 1474 is on the table. If not, I expect lower lows under 1400 are coming.

Best bear count is a series of ones and twos. But they never seem to work out.

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