Potential DJIA ending diagonal triangle. If its is that, then after it completes, guidelines of EW theory says prices should collapse by at least 1000 DJIA points for starters. Should be fun.
Gold's wave "D" . Sentiment is low expect a sharp rebound up for wave "E".
Dollar hanging tough after all these years. Its the bonds you need to worry about first.
Speaking of bonds, 30 year could use a new low to complete a large primary impulse pattern.
6 month chart makes for a nice bull flag. Breaking resistance would be a big deal. If short term interest rates spike, its game over. The FED knows that. They are desperate. The market will win. It always does in the long run. You all know that too.
Elliott Wave International (click on my links to left to become a free EWI Club Member) pointed out the potential ending diagonal triangle wedge pattern developing on the DJIA. That is a bearish pattern.
Wiltshire is still diverging badly with the recent SPX and DJIA highs.
Gold chart is still looking good for its long term count.
6 month looks like a giant bull flag for yields.
Does the GDOW look like an impulse since the 2009 low? Of course not. And its looking raggedy also with its diverging RSI and possible wedge action going on.
BPSPX still flashing weakness.
Wilshire weekly prices nearing its lower channel line.
All I can really add is that the last few months look a bit ragged and tried when you look at the wave structure spanning the past 10-12 weeks or so. In other words, the waves look tired. Yet somehow it is still holding above major support. We'll see.
Prices have indeed begun to collapse as suggested if the SPX was in an ending diagonal triangle. If this was an ending diagonal - which indicates overall exhaustion of the 2 year uptrend - then even more price collapse should come quickly. But for now major support held for today.
If prices can hold above around 1838 SPX, and then somehow manage to creep up again to another new all-time high, it could be indicative of yet a bigger ending diagonal triangle (as suggested by the upper green line.)
Either way things are getting interesting. Note the higher volume bar of today's downdraft. Technically speaking that is bearish.
Swapped the primary and alt counts. We just have to let things work themselves out. The Wilshire diverged from both the SPX and Industrials in a big way on the latest topping efforts of the latter 2.
This is really the first time the overall Wilshire has diverged in this manner since the 2009 low. Every major peak in the 5 year uptrend has shown a remarkable symmetry at least between the Wilshire 5000 and S&P 500. This time there exists a significant negative divergence. Couple this alonmg with waning momentum indicators and the recipe for a major bear move is formidable.
Updating the same charts we have been using for the past 2 months or so. Yeah its boring, but tracking a conclusion to a 2 year uptrend channel tends to be tedious near the end. The best count has it ending soon, but EW theory and wave counting come down to a probability exercise.
Prices have obeyed the channel and until it doesn't, we'll keep counting upwards. Horizontal support and channel support seems important. Until they are violated with authority, we have to jeep counting. I have feeling though that when they do get violated to teh downside they will be breached together at the same time.
Possible short term count. Complex correction over the past few weeks/months.
Wave labeling color code as follows (note - [brackets] used in lieu of circles for convenience sake) :
Grand Supercycle - BLUE - [I] [II] [III] [IV] [V] - [a] [b] [c] Supercycle - GREEN - (I) (II) (III) (IV) (V) - (a) (b) (c) Cycle - PINK - I II III IV V - a b c Primary - BLACK -      - [A] [B] [C] Intermediate - RED - (1) (2) (3) (4) (5) - (A) (B) (C) Minor - BLUE - 1 2 3 4 5 - A B C Minute - GREEN - [i] [ii][iii] [iv] [v] - [a] [b] [c] Minuette - PINK - (i) (ii)(iii) (iv) (v) - (a) (b) (c) Subminuette - BLACK - i ii iii iv v - a b c Micro - RED -      - [A] [B] [C] Submicro - BLUE - (1) (2) (3) (4) (5) - (A) (B) (C) Miniscule - GREEN - 1 2 3 4 5 - A B C
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