Custom Search

Friday, July 5, 2013

Elliott Wave Update ~ 5 July 2013

The primary count is still Minute [ii] up. Since we have labeled Minute [i] down as an expanding leading diagonal triangle, we have projected the rebound to be sharp and deep per EWP.  A Fibonacci 78.6% would be a "normal" rebound price in reaction to a leading expanding triangle. That price is 1661 SPX.
Bonds got crushed today with 10 year yields rising 9.33% today!  I suggested the other night that yields looked like they could rise some more in a wave (3) and they did.
I don't yet have an updated dollar chart but it also went higher as was suggested. I'll have a chart later.
Update: Dollar prices highest in 3 years:
Gold heading toward $1000 support? Prices have behaved in a bear market fashion. Closing below the lower channel line.
One of the reasons it was noted to change the count the other night to a leading expanding diagonal down on the SPX was that the FTSE 100 likely needed more time to rebound higher in a proper wave [ii]. That is exactly what has happened over the last few days. One other item the makes me feel good about the count is that Goldman Sachs issued a "Top Trade" for UK equities.  As Zero Hedge points out the "muppets" are likely being led to the slaughter. For after wave [ii] completes a nasty wave [iii] down should commence.

blog comments powered by Disqus