Elliott Wave Update ~ 18 January 2013

Our primary count is that the US markets are in a cycle wave peaking process. This cycle wave b or x is the middle cycle wave of a 3 wave supercycle-sized wave (a) of Grand supercycle-sized wave [IV].

The INDU count below represents it best:

The NY Composite (as does the Global Dow) probably best represents that the World composite social mood peak  may have been in 2007.  And it is still well off its 2007 highs. Wedging with overthrow?

One thing is clear on all the charts: its a mighty big bearish rising wedge.