E-minis

Elliott Wave Update ~ 5 December

E-minis hit the down trend line.

We'll just tweak the squiggles and go with it for now. It has lost its impulsiveness a bit and has a potential megaphone pattern.

Industrials hit resistance.

Daily:

E-minis

Elliott Wave Update ~ 3 December 2011

I think we nailed the last few days in projecting the completion of a full 5 wave impulse pattern from the 1158 recent low.  We call today's peak wave (a) of the second zigzag wave [y] of Minor 2. It met my lower price range of 1259-1280.

Primary count shows wave (b) should ensue and, if this is a (b) wave, support from 1215-1226 should hold.  Anything weaker than that starts to damage the overall bull potential. A breach under 1200 is an outright reversal in my opinion.

Daily shows resistance/support.  Its a logical spot for a pullback to test the support range of 1215-1226 SPX.  The market could maintain a "high price" (b) wave much as the first zigzag did which had a shallow pullback. We just won't know until Monday.

Wilshire 60:

INDU count for good measure:

E-minis [Update 3:30PM]

[Update 3:30PM:]

[Update 2:53PM: Squiggle count is looking for (b) wave weakness.

Elliott Wave Update ~ 1 December

[Update 7:45PM: Wilshire squiggle count used for superior form.  

Near term the count is looking for the (a) wave peak of the final zigzag [y] of Minor 2 up. After the (a) wave peak, we should see a (b) wave pullback.  Then (c) wave should challenge the October peak of 1292 SPX and make a nominal high above 1292 ideally.

Squiggle count shows today peferectly fits in with last night's projection of a wave iii of (a) high and then wave iv pullback.   Wave iv of (a) should ideally keep its price low above the previous subwave [4] price. Then a wave v would take the market to a wave (a) peak.

A "best guess" price range projection for wave v of (a) peak is between 1259 at the lower end and 1280 at the higher.

A look at the daily

E-minis