Elliott Wave Update ~ 28 December 2012

It took a week, But last week's e-mini flash crash proved to be the clue for current direction of prices. In fact  the end of trading in the futures closed under the flash crash.

SPX daily:

CPCE:

Sentiment is quite excessively bullish. All recent surveys, the NAAIM Managers, AAII, II, Market Vane, Hulbert, etc are very elevated.   The wave form and sentiment are very ripe for a minute [iii] down.