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Friday, July 29, 2011

Elliott Wave Update ~ 29 July 2011 [Update 4:46PM]

[Update 4:46PM: 30 year yield count looks good still. Finally broke under toward the blue box area but likely has some more squiggles to go. Then, wave (3) up should take hold.  All timed on a debt deal? Sure why not?
 Looking for a hit on the long-term up line or even a false break under it.
6 month yields - whoa hey - look at that bounce off the (5) low! Expected. Long term: Rising Yield Deflation.  Not in the books? Well then thats just perfect.

The first 20 minutes of trading today experienced some intense downside pressure. The decliners versus advancers were over 10:1 for the firt 15 minutes peaking at 15:1. Down volume was just as bad.   But the 200 DMA again brought in a slew of buyers and by 11:20 A.M., both up volume ratio and advancers briefly went into positive territory as well as the market.

So to say the least it was a panic open and a reaction bounce.

Primary count has the market in wave [e] of Minor 4 and it may well have bottomed today at SPX 1282. We had a minimum target range of 1286-1287.
Additionally the Wilshire hit is long term uptrend line.
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