Elliott Wave Update ~ 7 November 2012

Breakdown in prices today on heavier down volume ratio. Fits the notion of follow-through to our series of ones and twos down count:

Or:

The Industrials does show perhaps a clean 5 down instead which might imply a rebound is coming.

A look at our wedge, non-log scale.

Local candles. This is in LOG scale and hence the lower wedge line is in a different spot.

Wilshire weekly in Log:

The same chart in non-log (arithmetic - I just like to call it non-log instead) scale:

Apple's chart again. The divergences that had existed did follow-through and foretell the price decline. Sometimes its that simple.

Industrial weekly (non-log)

MUB has a curious potential "evening star" candle print on extreme overbought. Need tomorrow's candle to gap down.