Elliott Wave Update ~ 23 March 2012

There is a serviceable 5 waves down on the Wilshire5000 and S&P500.  The fourth wave triangle helps the cause:

SPY has some unclosed gaps:

Bigger Wilshire picturre:

SPX weekly. Bubbles.

Even bearish DOW theory is still intact: Transports failed to make a new closing high versus its early February high:

VIX seems uninterested.

Oversold we are not:

Even the e-minis had 5 waves down, albeit with overlap.