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Monday, January 31, 2011

Elliott Wave Update ~ 31 January [Update 8:36PM]

[Update 8:36PM: CRB count. Clearly, its a 3 wave move from the low.]
[Update 7:42PM: Long term Price-Volume-Trend (PVT) line.  Uncanny how it formed a trendline.
A closer look at the last 3 hits on the trendline. We can expect another stab or two at this line.
[Update 5:46PM: Possible count on Municipal Bonds.  Technically, the deep oversold conditions have been relieved, yet price action suggests a bigger downside move is coming.]

[Update 5PM: As suggested on Friday, the wave ii expanded flat count still works for us here.  The market is "setup" for a big wave iii down but of course it actually has to happen....
As long as key wave markers hold, we have to search for a count that would achieve new highs.

This Wilshire chart below very well shows the key wave marker and the possible counts.
Hourly WLSH shows a wave [iv] flat count.
Dollar still hurting

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