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Thursday, October 31, 2013

Elliott Wave Update ~ 31 October 2013

The charts are updated from yesterday.

I use Wilshire versus SPX for superior wave form and channeling. But consider the SPX in the same count.

I suspect the market has topped. We had a touch of the upper channel and an attempt to get above it. It has closed back under. RSI is waning.
However being that the market may be missing a wave, our count of Minute [iv] of 5 of (C) of [Y] is thus.

Our "control" price is the wave [i] of 5 of (C) high of 18409. However if prices move below the previous wave (iv) of [iii] pivot of 18,588, then I suspect they won't be able to hold 18409 either and it would help confirm a market peak may be in place.

If we do get another wave up to [v] of 5, 18998 is the target.

And here is the squiggle count. I'm not in love any of these counts, however, they'll suit us for now.
10 year count. Since wave (2) was a sideways wave flat, then the current zigzag of wave (4) looks good and fulfills nicely the guideline of alternation.
Still big bets being placed on more upside.
Sentiment is again at extreme levels in just about every survey. AAII, II, NAAIM.

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