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Friday, March 4, 2011

Elliott Wave Update ~ 4 March 2011 [Update 4:50PM]

[Update 4:50PM:  Fibonacci chart. Any breakout to new highs will be attracted to these numbers: 1352 SPX, 14350 for the Wilshire5000.
Using the total market Wilshire5000 sums up some primary and alternate counts.

Primary count is down.But this implies the wave (ii)  (or wave [ii] if you prefer that degree) must be over. In other words, there can be no more delay in the power of wave three down.

A close alternate count has the market tracing a triangle which is more apparent on the e-mini futures than the cash index.

The secondary alt:[b] represents a more protracted triangle that needs to develop.  If this is a Minor sized triangle (or double three combo) than it certainly can have more time to develop. The main theme here is that 1294 stays intact as a continued sideways move develops.
The SPX shows the gaps. A close under yesterday's gap up would have been very bearish. But Scotty saved the day once again!
I'll have more later.
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