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Friday, November 20, 2009

Elliott Wave Update ~ 20 Nov

The primary count is that a Minor B wave of (Z) of [2] is still playing out.

The Wilshire traced 5 waves down as did most every subindex except for the DOW. This is a temporary bullish divergence perhaps for early next week.

This chart shows the basic overall count thought process (end of year rally):

So if the Wilshire traced 5 waves down from the top, then we are looking for a retrace back up in either a wave [b] of B or in the case of the P3 scenario, wave (ii) of [i].

I'll have more later and this weekend.

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