Elliott Wave Update ~ 27 July 2012

Elliott Wave Update ~ 27 July 2012

The market has spoken. Minor 2 is still on and the ascending triangle turned out to be correct. Congrats bulls. Even the 1390 mark that a lot of people have chattered about was about touched.

Measured move target for Wilshire 5000:

Slight negative divergence on the NYAD line:

SPX daily:

NASDAQ 100 (and composite) has not yet confirmed the move of the DJIA and S&P500.

GDOW at a mere 38% retrace of the March high.

Transports have not confirmed either:

 

Friday, July 27, 2012

S&P 500 ~ EOD Update ~ 27 July 2012

Another huge rally today. We're back at the upper trendline and near my target at 1390ish.

If the market continues its behavior of the last few weeks, we should form a top around this level and then decline back to the lower trendline again. But we'll see what happens next week.

Have a very nice weekend!