Elliott Wave Update ~ 30 July 2012 - 3*

Monday, July 30, 2012

Elliott Wave Update ~ 30 July 2012

Kind of expected the way the day played out. A new burst to a higher high then some (seemingly) consolidation.

Top two squiggle counts:

Or Minor 2 could be over:

Daily:

A lot of non-confirmations going on at the moment:

Using the Wilshire 5000 for the overall count:

ES Chart update

• ES 4 hour chart Trying to stay above previous resistance levels which are acting as support.
• One hour chart shows a range which has to be broken for further moves to happen.
• Price sustaining above 50 Hour SMA and cloud may lead to an upper breakout.

S&P 500 Futures chart update

• ES One hour chart sustaining above 50 Hour SMA and hourly cloud should favor bulls for a bullish consolidation breakout.
• ES Daily chart shows crucial resistance at 78.6% Fib level which should be crossed for extending the current up move.

SPX update

Tuesday, July 31, 2012

Since June SPX is under a complex pattern...My primary count suggests a triple zig zag but I'm not sure if is correct. Let's see what "they" do!

SPX UPDATE

Thursday, July 26, 2012

Monday, July 30, 2012

One more push to 1400?

The market barely made another higher high but it was within the 1388-1392 range I mentioned couple of weeks ago and it looks like a W4 set up for a final W5 push to 1400+. The FOMC meeting will likely be the excuse for a rally, so I would expect a rally to start in the next session or two before profit taking starts taking place sending the market to test the Trend Average. And if that TA holds, then it just opens the possibility of a strong bullish wave that will mark a new high for the year. The bearish case only has a chance if it manages to send the market below the TA and the 50 day ma, until then the way is up. So if you like shorting, at least do it below the TA and not when the market is galloping.. you'll sleep a lot better.

Long Term Portfolio: 100% Long
Short Term Trading Strategy: Shorting intraday extremes, closing same day