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Tuesday, May 19, 2015

Elliott Wave Update ~ 19 May 2015

The Wilshire count below came within 7 points of achieving a new intraday high. So based on the count, we must assume that the high will be achieved. An upper trendline hit would be perfect.
This is a pretty decent setup for a good short bet. Because if the Ending Diagonal triangle wedge count is correct, prices should collapse swiftly to beneath red Intermediate wave (4) start point pivot upon completion of the ending diagonal. The price pivot for red (4) is 19,160
Its official: a negative divergence situation on the NYSE advance/decline cumulative ratio line. That technical tidbit supports the ending diagonal triangle count.
US dollar. Nice spike upward.
Yes I do think all the lower channel trendlines will be smashed through eventually. 

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