Elliott Wave Update ~ 7 February 2013

Its probably best at this stage to track the wave pattern that is most "trackable" and that would be a 5 wave impulse sequence from the 31 December pivot low of 1398.11 SPX.

1495 is the key near term support pivot.  So unless and until that level breaks down, we have to give the wave count the benefit of the count to see if there is a bit more for wave (v) to play out.

The SPX weekly shows there has yet to be "overthrow" of the upper wedgeline.  The short term squiggle count shown above supports the notion that it may happen.

The "time" factor between waves [W] to [Y] is practically equal.

Although on the Wilshire we have had "overthrow":

Again the larger count using the DJIA:

 CPCE still bullish:

Our NYAD count is quite mature:

And the larger NYAD weekly count.

If CMG pokes its head toward $348 -$351 (resistance) again in a wave (2) peak, I think it would make a very attractive short entry for those so inclined. Not there yet obviously.

Composite hasn't yet made higher highs above its 2012 peak. Look at that MACD signal and the RSI long term trendline.

Yet we can see Hulbert's NASDAQ sentiment has hit an extreme - 8 year high - as of today's data (via Sentiment Trader)

Here is an example of a chart where its uptrend channel broke down. The OBV was a telling sign as I had been pointing out.