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Tuesday, June 25, 2013

Elliott Wave Update ~ 25 June 2013

Squiggle counts are a little murky. The futures chart shows that the rebound so far has taken the "look" of a choppy overlapping affair which indicates a corrective wave upwards.  Not yet 38% either.
Cash index SPX also shows a choppy upward wave so far which looks corrective at the moment. But it may not be finished.  But there are too many variables and this is just a "gee whiz" chart. I don't really like the count. But it did fill the gap down from yesterday.
 However if this is subwave (ii) of [iii], the retrace has not been very high at all  It should ideally go higher. Today was a fairly strong day technically with 87% up volume ratio on the NYSE so I would think there should be some more rallying just based on that.  The wave count would look better if prices went higher in a subwave (ii) of [iii]. There is that large gap down also.

CPCE: Not extreme yet.
Wow rates are taking a beating. Smashed through nearest resistance. Technically speaking, there is no reason why yields wouldn't eventually get to the next higher resistance. Things are getting interesting. However sentiment on bonds is getting extreme in the short term so nothing is ever a straight line.

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