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Monday, November 26, 2012

Elliott Wave Update ~ 26 November 2012

The move up from the recent low could count well as a zigzag to the 50% retrace.  This may or may not be sufficient in price.  My guess is probably not since prices have made it above 1400 SPX and wave two's can retrace deep.

So the best short term outlook might be to look for some complex waves  to develop in an (x) wave then a second zigzag taking prices likely higher would fill the SPY gap. This is a best guess on how Minute [ii] would play out.
Of course we may be looking for more up to finish a simple impulse from the recent low. Meaning that instead of a zigzag up we'll have a simple 5 waves of (a) of [ii] and then a (b) wave pullback:
Both of those counts imply the same thing over the long run.

For those of you on Zweig Breadth Thrust watch, the market has four trading days left to make it above the red line (approx .61) on this indicator shown using the DJIA:
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