Custom Search

Wednesday, January 23, 2013

Elliott Wave Update ~ 23 January 2013

Sentiment is extremely elevated. It could result however in an overthrow of the upper wedgeline.
GDOW:
I guess the long term NYAD count shouldn't have surprised me. I always have proposed that within the cycle wave V that primary [1] was extended. Under that guideline, waves [3] and [5] should be about equal (and of course wave [3] should no the shortest).   Its about there. And the waning RSI still looks ripe for major reversal.
Closer count reveals may be due for a pullback in breadth for 4 of (5) of [5].
And yet another count showing that waves [3] and [5] are more or less .618 the length of wave [1] as it would be expected if wave [1] is the extended wave in the impulse sequence.

Its suggests that a great breadth reversal is near at hand. Yes I guess that seems a ridiculous notion at this time but that's what the chart suggests. The wave count is quite mature.

blog comments powered by Disqus