Elliott Wave Update ~ 3 October 2012 [Update 5:50PM]

Update 5:50PM: Another look at the 2 year wedge. So far prices were only above the upper wedgeline for a little more than a week or 8 closes above.  That is acceptable in terms of time and price for the usual "overthrow" of the wedge.  Prices have been struggling which also fits the wedge scenario.

I re-drew the up channel on this SPX chart versus the Wilshire 500 channel shown below.

ORIGINAL POST

Yet another attempt to get above the 2+ year rising wedgeline. And another solid hit on the downsloping trendline from the 1474 SPX peak.

The primary count is still a possible leading diagonal but just barely. Obviously this pattern will resolve one way or another shortly.  A breakout to the upside would nullify it.

Local SPX candle chart shows another poke attempt above the wedgeline. The market can feel the wedgeline, it can feel support of QE3 day (1435 - 1440 support) and it is striking the down-sloping trendline from the price peak with regularity.  

Something has to give soon.

Top Alt count is shown on the Wilshire5000 hourly chart.  Prices are still firmly within the up channel.

GDOW Daily: