Elliott Wave Update ~ 29 March 2012

5 waves down on the e-mini futures strengthens the bear case:

Wilshire top count:

Conclusion: Today's price action greatly enhances the bears' prospects for the near term. However there is not yet a close lower than the previous pivot. Simply put, there is more work to be done for the bearish case to break the uptrend price action.

There is a serviceable 5 waves down and the market can afford a 3 wave bounce, or a 62% retrace.