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Thursday, January 2, 2014

Elliott Wave Update ~ 2 January 2014

We got 5 small waves down today on the SPX.
Zooming back, it'll take a key break of support to confirm cycle wave b is over.  Unfortunately that is a ways down in price.
Zooming back even  further we can still see that the Intermediate cycle wave we have been counting (forever it seems) still very much "looks right". The wave 3 was the furthest and most rapid price advance.  We are running out of subwaves to count.
Nikkei thrust out of its triangle has made a higher high than (3) as required.  So we seem to have both the Nikkei and US markets finishing up the last "squiggle" waves. It seems appropriate since Sentiment Trader reported 41% bullish reading on their indicators last night (vs 1% bearish) and that is usually the target where things get rough for the market going forward.

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