Elliott Wave Update ~ 10 December 2012

Another late night renovating my house. Wow time has slipped by. Nothing much to add today anyway. Sentiment is not extreme in either direction the short term squiggles are a toss up.   For instance both "Smart Money" and "Dumb Money" on Sentiment Trader's site are both even at 50% and have been close for a while now.

It was stated that on a daily chart there would likely be a visible "three" wave from afar for Minute [ii].  Do we have that yet?  Probably not.  A solid break of 1400 is not good for bulls.

On the Wilshire 60 minute chart, there is a bit of negative divergence and the waves do not look impulsive over the last few days. Therefore we may get yet another pullback. However a break of the pivot at 14,510 is bearish and should indicate Minute [ii] is over.