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Friday, November 23, 2012

Elliott Wave Update ~ 23 November 2012

Low volume post holiday. The tape got squeezed for all it was worth.

SPY chart tells the story: Its the story of gaps.
At the 50% Fib of the total decline
The market is very close to triggering the third Zweig Breadth Thrust since the 2009 low.  The other two are highlighted in Blue. These were "kickoff" thrusts of major legs up.  If another triggers, there is an excellent chance of new market highs above 1474 SPX. I don't make these rules folks, the market does.

We'll see how Monday shakes out. The market is very short term overbought as it is.
However the VIX bear signal has been triggered. Close back inside the BB.


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