Elliott Wave Update ~ 25 January 2013

An example of the extreme sentiment that is occurring.  This is Hulbert Nasdaq sentiment reading of 24 January via Sentiment Trader.   This extreme is occurring despite the massive Apple drop and despite the fact the NASDAQ 100 is still under its 2012 highs.

You would think the opposite should be occurring in that sentiment would be more subdued since NDX prices have not responded as well as most every other index.

Nasdaq Composite monthly. Long waning RSI divergence.