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Thursday, December 23, 2010

Elliott Wave Update ~ 23 December

Primary count is that wave (v) of [v] of 5 of (C) of P[2] is in progress.

SPX. 1265 is where (v) = (i) within wave [v].  1265 is the post-Lehman day Sep 2008 bounce high, otherwise marked as Minute [ii] of Minor 3 of P[1]. It also has breached the underside price of (1) of P[1] - 1256 - which is also a normal trait of wave twos.

The squiggles project a possible gap up Monday for wave iii of (v). An end of day reversal would then be a possibility should that happen. Or a Tuesday peak as suggested below. However running the price out that long doesn't look right.

Revisiting the P[2] wave form:

After making this wave chart from sentiment data of the new AAII 10 day MA, I reconfigured the P[2] wave count based on this sentiment pattern which is an awesome EW structure by the way.
There is a certain symmetry to it.  (C) would be .618 x (A) @ 1309 with this count.  As it stands now, (C) =  .51 x (A).
A slightly reconfigured GDOW. It still requires a new high.
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