Thursday, February 9, 2012
Elliott Wave Update ~ 9 February 2012 [Update 10:15PM]
Update 10:15PM: Here is my stab at the squiggle count using the Wilshire. Top projects over 100 points shy of the 2011 high. We'll see. This chart figures a gap down tomorrow perhaps.
Update 8:25PM: The GDOW is a favorite chart of mine capturing global sentiment very nicely in one neat index.
Has not even made a 62% retrace back to 2011 highs and sports a very nice EW pattern throughout. Why would a waver like me be bullish when you see a chart like this? GDOW has resistance coming up at about the 2000 level. The United States certainly will not "decouple", no way in hell not with our debt loads. No indeed. The world is lock-stepped in this thing together. Credit bubbles are in every sovereign nation.
Prechter always said governments are the last to a trade and the last big trade was debt - ala The Great Credit Bubble. And governments of all stripes are taking on credit like there is no tomorrow. Well there is a tomorrow. And it will end badly.
ORIGINAL POST
There is no doubt that DOW 13,000 and Nasdaq Composite 3000 are enticing the bulls, and if reached, could certainly stir the public attention. I guess I expect them both to be reached. Not sure if the Wilshire makes a new high in that case or not.
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