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Wednesday, August 4, 2010

Elliott Wave Update ~ 4 August [Update 7:21PM]

[Update 7:21PM: More on Fibonacci ratios between impulse and corrective can be seen on the TED spread chart. Also C = A pretty much.]
[Update 7:10 PM: The VIX is at nearly a perfect .382/.618 ratio between rising and correcting.  Notice the ROC and MACD signal lines. Do we have one more thrust down or will the VIX refuse to completely fill the gap?]
[Update 6:48PM: Double negative divergence on the NYMO.]
[Update 6:28PM: German DAX resolved as a triangle which is good. HUGE intra-European market  negative divergence going on as the FTSE and CAC are still well off their highs.

May I remind that on Minor wave 2's is exactly where these divergences occur. In 2007, the NASDAQ topped on SPX and DJIA Minor 2 high.]

Markets are getting closer to this Minor 2 high.  Its seems within one gap up thrust of doing so.  The 61.8% Fib of the SPX is exactly 1140 SPX. Whether a final thrust up occurs or not is not guaranteed but a move to the upper wedgeline seems doable if there is a gap up tomorrow.
Dollar looks like it has an impulse up on its hourly.

I'll have more charts later.
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