Elliott Wave Update ~ 18 May 2012

Monthly candle already looks horrible and there is still a lot of trading left.  But what I wanted to show with this is that the simple RSI divergence is being confirmed.

Weekly:

SPX Daily. Tight acceleration channel. Ended today at support, but if it gaps right through that....

Wilshire 60. This chart was shown here and it has blossomed.

Best guess on the squiggles. We have a small bump possible (i) and (ii) and its been an ugly tape ever since.  I'm not going to even try and guess the next bounce. The trend is down and we are oversold but again, an oversold market is a dangerous market.

Apple monthly - still overbought

Global Dow.

VIX closed above the BB again. Pushing.

Confirming the downside across the board today again.  All in lockstep to the downside.