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Monday, April 7, 2014

Elliott Wave Update ~ 7 April 2014

Last week I mentioned that if the bears could manage a solid close under 1850 SPX, they can seriously injure the bulls. Today that happened.

Reorganized the count once again to try and make sense of the recent sideways action of late near the highs. I think it will work.  Note the alternate is a Minute [iv] expanding triangle which would imply new highs are coming if that was the case. But price action is certainly bearish the past 2 days.

The rest of this week's price action should go a long ways toward solving the larger EW count. We shall see. The 2 year channel has to be broken for us to confidently say the uptrend is over. Obviously that has bit more to go before that happens.

Weekly shows a lame and diverging RSI as we might expect at a top.

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