E-minis

Elliott Wave Update ~ 5 December 2012

Sorry for the late posts. Been working on the house with some renovations.

Squiggle count hasn't changed. Double zigzag for a Minute [ii] still looks decent. However prices briefly dipped below support today.  Today's low (1398 on the SPX) is a key support. A break of that price is bearish.

E-minis

Elliott Wave Update ~ 4 December 2012

Possible squiggle count:

A bit of sentiment data via Sentiment Trader:

E-minis

Elliott Wave Update ~ 3 December 2012

The SPY gap, for all intents and purposes, can be considered closed. 

Is Minute [ii] over? It either is or it isn't. But the market has retraced in both time and price which is sufficient to fulfill a wave [ii].

We could maintain a double zigzag count and suppose the rise is not yet over:

Or break it down into a simple zigzag and count Minute [ii] complete:

Another look at testing the underside of the giant wedge:

On our Wilshire5000 hourly chart, we have simple RSI negative diveregence and a rise that counts better as a "three" rather than a "five". This means its a counter-trend move and prices will eventually fall even lower.

Here I have [ii] labeled as a simple (a) (b) (c). 

E-minis