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Tuesday, February 23, 2016

Elliott Wave Update 23 February 2016

There are too many squiggle options to mention. There needs to be more waves traced out before we can get a better count on the short term.
However, what needs to be paid attention to is the broken neckline on the Wilshire 5000 chart. This is why I like to use the Wilshire for patterns, channels and wave counts.

Prices have gapped up big just to get up here.  the neckline is resistance for now. Note the downside target for the head and shoulder pattern.
The equivalent price move on the SPX would probably take the S&P500 to the 1610-1660 area in a stair step move down.

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