Elliott Wave Update ~ 19 July 2012

The market is creeping toward the last resistance as shown in the daily below. Prices have closed over the bigger resistance line.  The market looks tired though with only a 1:1 advance ratio and 1:1 up volume ratio on the NYSE today.

Also note how time-wise, Minor 2 is now more than adequate in time. In fact it is more than a .618/.382 ratio so its primed.  

We have a cluster of Fib relationships coming up from 1389 - 1405 SPX. 

Squiggles shows the count is perhaps missing wave (v) of [y] of 2.

I'm going away for the weekend, there is a slight chance I won't have internet tomorrow morning to post an E-mini daily conversation post.   If there is no update tomorrow then that means I really got hosed on a no internet connection for the weekend.  I don't expect that to be the case however.

NYAD count is very mature.

Weekly NYAD count:

Things are getting exciting.  The market is back up to being pretty expensively priced in my opinion.  There is a creeping negative divergence setting up on flat up volume ratios. The NYAD counts as "complete" or nearly so. The double zigzag is nearly complete.

SPX weekly.  Prechter's 7 - 7 1/2 year cycle is waning. The approximate midpoint of the cycle is October. It is now almost August. It makes sense that the cycle weakens prior to its midpoint. Thus Minor 2 up is still the call here with Minor 3 due to come shortly.