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Friday, October 24, 2014

Elliott Wave Update ~ 24 October 2014

Biggest two week rise since the 2009 low. Yet it didn't yet trigger a Zweig Breath Thrust Event. Not that it won't - it must do that on Monday's session as it is the 10th day. My point is, that despite a 144 SPX point rise in a mere 7.5 days, it has not triggered a "breadth thrust event".
Needs to finish above the .618 red line to trigger a ZBT event on Mionday or else the time limit will have passed. It just might. We'll see.
The prediction is that the SPX will reach 1970 SPX. Why? Because I forgot I have this labeled as an extended Minute [v] of 1 down. And per labeling if the extended wave is five of any known impulse, then the retrace should go back to the Minuette (ii) of [v] of 1 down. That is 1970.26 SPX. That is per EW Principles (Frost/Prechter)

And despite the amazing seven day rally it will take a close above 1970 SPX to break the downtrend!
NYSE. Also targeting wave two of five down.
Bonds:
Backtest of the Monthly Wilshire?
Closed inside the lower trendline. 
Global Dow may portend the true fate of prices over the next few weeks
 
Gold:
Dollar exhibited the same long-term compression as the 6 month yield chart above. And it has seemingly broken out.
Oil:
CRB at long term support.




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