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Wednesday, August 31, 2011

Elliott Wave Update ~ 31 August 2011

The 15 minute SPX chart looks remarkable.  Wedge for (a) and now - perhaps - the same wedge developing  for (c).

At some point if prices get too high, wave [iv] does not work as a count. Officially that mark is the breach of wave [i] price range of 1256 SPX. But in practice, prices should not get that high.  However something in the mid-1230 range would be acceptable. Hence our count of Minute [iv] is intact.

Time is also a heavy consideration for any normal wave four. And time has now matured and developed nicely for [iv].

But even in the top alternate count of Minor 2 up, it still implies the same: prices will turn back down.
Another look at the daily. Some are insisting the 50 DMA, at the least, will need to be revisited on this rally. I make no presumptions.

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