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Thursday, May 16, 2013

Elliott Wave Update ~ 16 May 2013

For all practical purposes, the S&P 500 price has met the upper channel line. Price action over the next few days should be closely watched for either a final lunge up or a break of the red curve that has supported prices for the last year+.

If consistent selling occurs tomorrow on Friday (which is what the wave count supports), there would likely be a high number of "buying climaxes" triggered. Buying climaxes often cluster near major turning points.

Intermediate (C) counts complete and the form is very satisfying.

Squiggle count of Minor 5 of (C) also counts complete.

An example of extreme sentiment. The Hurlbert stock sentiment via Sentiment Trader: