VIX SPX S&P 500 February 7, 2011 Elliott Wave Technical Analysis Market Update

[ninjanav]

hi Mike, any thoughts on developments today?

[BearMarketInvestor]

Yes, it should be going a bit higher tomorrow. I'm not yet seeing something that resembles a completed wave structure.

[ninjanav]

thanks dude, really appreciate your analysis! but the near high close today has me thinking if this market has higher still to go?

[BearMarketInvestor]

One way of reading the chart in the 2 minute time frame for today, is that we may have completed a first of third wave in the fifth wave that started today. There are always other interpretations, but we did get a new high by a fraction of a point based on what I see reported from BATS. That new high was at 1322.95 vs a prior peak at 1322.85. This suggests that we're probably in a fifth wave, although I noted there are different interpretations there.

[BearMarketInvestor]

I'm continuing to watch this -- number of different interpretations at the moment. Once we get a push beyond the last high, we'll have a better indication that the final small fifth wave is progress.

[jimmdon]

I think we're are in a fourth wave triangle and the final fifth hasn't started yet. Noon on 2/8/11

[muzzag2010]

Great update again Michael, much appreciated.

[Henkera]

Im very excited to see how this turns out.