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Thursday, April 17, 2014

Elliott Wave Update ~ 17 April 2014

There is not yet a 5 wave impulse pattern down on any of the major indexes. Except the banking sector is looking better as an impulse down than not. So we must use wave counting theory and assume a new high could be coming.
In light of the short term wave evidence, prices point to a new, perhaps only a marginal high in likely the SPX and Wilshire5000. The NASDAQ and other indexes? Not so sure.
Or a potential new high could count like this if it achieves a more classic "extended [v] of 5" look. Price target: Yes, 2000 SPX.

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