Custom Search

Monday, December 3, 2012

Elliott Wave Update ~ 3 December 2012

The SPY gap, for all intents and purposes, can be considered closed. 
Is Minute [ii] over? It either is or it isn't. But the market has retraced in both time and price which is sufficient to fulfill a wave [ii].

We could maintain a double zigzag count and suppose the rise is not yet over:
Or break it down into a simple zigzag and count Minute [ii] complete:
Another look at testing the underside of the giant wedge:
On our Wilshire5000 hourly chart, we have simple RSI negative diveregence and a rise that counts better as a "three" rather than a "five". This means its a counter-trend move and prices will eventually fall even lower.

Here I have [ii] labeled as a simple (a) (b) (c). 

blog comments powered by Disqus