Wednesday, January 6, 2010

S&P 500 ~ Elliott Wave Update 6 January 2010

The markets opened slightly lower today and moved randomly up and down the whole day.

The Dow and the SPX closed higher (+0,02% and +0,05%) while the Nasdaq closed lower at 2301 (-0,33%).

Waves i and iii began both with a big rally and then went slightly upwards for about five days until they topped. So far, wave v behaved similar: big gap up on Monday followed by a slow but steady rise yesterday and today. Expecting to take it also five days for wave v the market should peak on Friday (or Monday morning).

Tomorrow I'm gonna ski so don't expect me to be back before 20:00 (2pm US time). ; )