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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.
Backtest of the Monthly Wilshire?
Closed inside the lower trendline. 
Global Dow may portend the true fate of prices over the next few weeks
Dollar exhibited the same long-term compression as the 6 month yield chart above. And it has seemingly broken out.
CRB at long term support.

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