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Tuesday, April 30, 2013

Elliott Wave Update ~ 30 April 2013

Update 9:45PM: I changed the first chart it was the wrong file uploaded.
In the below 5 minute Wilshire chart, the top middle of the up channel would have made a nice wave [v] spot, but that high was not above the previous Minor 3 high. So the market may have entered an ending diagonal triangle in an attempt to get above the previous high and today's close did just that.
 
The below 15 minute S&P chart shows the same squiggle count.  To confirm this count, we can expect a quick 40-50 point SPX drop to below 1460ish for starters due to exhaustive nature of the ending diagonal triangle.

So that's the call here. Perhaps a quick pop - perhaps hitting 1600 SPX and therefore triggering a secret algo "sell" spot then price collapse based on the potential ED pattern of at least 40-50 SPX points based on the start of the pattern at 1563.

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