Elliott Wave Update ~ 6 September 2011

Primary count hasn't changed. Still working on Minute [v] of Minor 1 down.  A new low under SPX 1101.54 is eventually required.

Squiggle count has 5 waves down from the recent 1230 high so this bounce counts as (ii) of [v] of 1. After (ii) finds its peak it should sell hard again in a wave (iii) of [v] of 1 down.

The bigger picture shows this decline has less market internal intensity than the wave [iii] plunge. This is consistent with a wave [v] of 1. However sentiment should get downright the most bearish on [v] which is probably occurring.

Squiggles count nicely impulsing down in 5 wave segments and channeling nicely, rallying in 3 wave counter-trend moves. Shades of 2008 all over again.

I assume today is part of a wave (ii) of [v] bounce because its obviously the biggest rally since the 1230 high and subsequent decline and prices broke out of the down channel.

E-minis

E-minis

Slept in late today.

Elliott Wave Update ~ 2 September 2011

Primary count is Minute [v] of 1 down. We clearly have 5 waves down at least from the recent highs.

Down pressure is less severe so far than what occurred in [iii] down. That is consistent with a fifth wave down but new lows are required under [iii]. Also fear is less (see VIX indicator) than the panic [iii] so that is also consistent.

However sentiment should go maximum bearish on wave [v] and that is certainly happening with a lot of surveys and what not.

E-minis

Elliott Wave Update ~ 1 September 2011

Tomorrow should be a telling day on whether or not Minute [iv] is over or not. The squiggle count supports another possible upward thrust, but the day ended at the most heaviest selling of the day. So we'll see where futures go overnight.

SPX60 shows the bigger picture count:

E-minis