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Tuesday, December 28, 2010

Tuesday 12/28/10 wrap up

Are we there yet?  Are we there yet?  Are we there yet?
It's possible to count a completed 5 waves up from the late Nov lows at today's high. 
If this count is accurate we should see follow through selling overnight or tomorrow.
However, and as has been pointed out, a lot of folks are calling for a top and a correction in here, which mitigates against that happening.
If we continue the upward march, then the above count will have to be revised considerably.  The troublesome thing from an Elliott standpoint is that outside of the strong impulse up of early Nov the rally patterns have been choppy and more 3 legged than 5.  More befitting an ending diagonal.  Which is the way Minute W5 (green) is counted in the above chart.
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