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Tuesday, February 17, 2015

Elliott Wave Update ~ 17 February 2015

Likely the market has been in an Intermediate-sized correction since early December.  Question is, has the correction finished and are we impulsing higher in an Intermediate-sized wave?

The SPX weekly shows are best options. There are other ways to count the subwaves for sure.

However the most important wave structure to stand out is this: Note that the low of 1820 to the peak at 2093 is a "three" pattern. That clued us in that the market was going higher I just didn't have a good clear count for that over the past many weeks. Probably why blogging counts has been at a minimum for quite a while.

Had to wait for the waves to work themselves out.  Perhaps they are now.
Here is a medium term picture of a possible wave [4] count. If the market breaks significantly higher, we could say red [5] - Intermediate-sized up from red [4] - is in progress.  Prices are at an important point here.
Wilshire channeling is instructive no matter the long term count.   The corrective of late has been well maintained within the smaller time and price GREEN channel. That indicates that it is likely an intermediate move.  A Primary-sized corrective would likely take the span of the BLACK channel and you can see the black channel (like its cousin the BLUE channel) is quite large in width in both time and/or price.

Its way too early for any kind of speculation on a primary sized correction. If the green channel broke under, then we could speculate.

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