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Monday, July 26, 2010

Elliott Wave Update ~ 26 July [Update 8:28PM]

[Update 8:28PM  I corrected the 1930 DJIA chart down below, I had the recovery doubletop in the wrong spot.]

[Update 8:10 PM: Suffice it to say these are the same charts I have been showing and here is an update on most.

VIX: Breaking down into the gap new recovery low. In Minor 2 target range.
Dollar new recovery low. In Intermediate (2) target range.
CPC 10 day MA may be turning up or have one more recovery low.
BPSPX: Finally moving toward Minor 2 target range
NASDAQ close to forming a base channel. In Minor 2 target range.
NYMO: Extreme overbought.
TED: In Minor 2 target range. Closed outside BB. BB getting tight.
NYAD: Would love to see major divergence with SPX price and have this go to new high.  Of course if the NYAD goes to new high throw out my wave 2 NYAD count.
Finally DJIA and its nice little recovery high doubletop post 1930 rally before breaking down in the Great Depression. Look familiar?]
Primary count is that wave (iii) of [c] of Minor 2 is tracing out.

I like this 30 Minute SPX chart. I think the RSI and overall "look" shows where we are in the wave structure. How high do we need to go? Well sentiment is probably starting to seriously correct toward to the bullish outlook.  S&P closed over its 200DMA today by a few points.
Fear charts getting there.
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