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Wednesday, July 27, 2011

Elliott Wave Update ~ 27 July 2011 [Update 9:08PM]

[Update 9:08PM: Squiggle count in the context of a (c) of [e] wave. The (c) would be a 5 wave move from (b). Probably due for a bounce tomorrow.  This count expects any bounce to stay below red [4].
[Update 8:44PM: The Wilshire daily from a P[2] time perspective.  One can only assume that if this plays out, the surge will be dependent upon a debt ceiling deal that creates a really big short squeeze.
[Update 8:30 PM:  Trendlines, 200 DMA and such.]
Well we now finally seem to have a bit of panic selling. That could fit an [e] wave profile. However downside breadth (10.8 decliners vs advancers on NYSE) and volume ratios (17.2: 1 down volume ratio) are quite high.

Regardless target range is 1286-1287 SPX for an "ideal" [e] wave where [e] = .618 x [c].  If it goes lower, than I have my doubts its an [e] wave depending on market internals.    Technically an [e] could go as low as 1259 SPX, or the [c] wave low.
I'll have more later, its time to eat.
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