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thursday update
at 2005-12-04 19:51:26
SHORT TERM: positive.
This is certainly a Nasdaq bull market! Just as we have stated from the very beginning. And, the last few days action are certainly the epitome of this statement.
The NAZ puts in a high on fri/mon: then goes sideways waiting for the general market SPX/DOW to catch up, then turns down on tuesday taking the rest of the market with it. Just as it looks like we have completed five waves up from the late Oct lows, and are ready for a decent correction, the NAZ bottoms wednesday and turns up again. Today, the NDX gaps up on the open, making news highs, then waits while the NAZ, then the SPX and finally the DOW get going. Once all in line, they all rally into the close. The five waves are extending into nine!
I've posted two 15 minute charts: NAZ/SPX 111705. It appears that the fifth wave up from the late OCT lows is now extending: mondays high wave 1, wednes
weekend update at 2005-12-04 19:51:26Shall we call this capitulation weekend? All four major indices closed above their July/Aug tops on friday, in fact, they gapped above them and stayed there. We now have the NDX/NAZ/SPX all in uncharted, bull market territory. The one laggard is the DOW: it reached an EOD bull market high in March 2005, at 10,940.55, so it has a bit more work to do. Nonetheless, I am sure the perennial bears will state that the market has only returned to where it was three months ago, and thus it has accomplished nothing. However, those open minded investors will now have to concede that this has been a bull market all along.
It is unfortunate that the prophetic abilities of Elliott Wave analysis has all but been virtually disregarded, because of a handful of it's more popular analysts having surmised improper conclusions, in both the recent past and the present. It has been my experience that the Elliott Wave never fails to display the p
monday morning at 2005-12-04 19:51:26SHORT TERM: NEUTRAL.
The new high in the SPX we anticipated just occurred. The DOW is still about eight points shy, but with continued weakness in the NDX/NAZ I'd expect a short term pullback here, for a day or so. Then, another good advance to new highs.
INTERMEDIATE/LONG TERM: BULLISH.  
tuesday morning at 2005-12-04 19:51:26SHORT TERM: NEUTRAL
After a pullback of sorts midday monday, the general market NAZ/SPX/DOW posted new highs, but again the NDX lagged. The futures are down a bit this morning, so maybe now we'll see that short term pullback, wave 4, before again pushing to news highs. Support should arrive just above thursdays acceleration gap, or the previous first wave : NAZ 2210, SPX 1240 and NDX 1665. Posted a chart on the NDX 112105.
INTERMEDIATE/LONG TERM: BULLISH 
tuesday update at 2005-12-04 19:51:26SHORT TERM: positive
For the very first time since this intermediate term trend began, the general market defied the weakness in the NDX and continued higher, pulling the NDX up with it. This is a very strong impulse wave. This particular advance, which began on Nov 15th has been relentless. So much so, that it is forcing us to change our short term count from that of an extending fifth wave, to an unfolding third wave. The recent one day breath and trin figures in the NAZ also confirm this count. I've posted two charts NAZ/SPX daily. They display the intermediate term wave progression from the beginning: NAZ Oct 13th, SPX Oct 21st.
Counting this current advance as an extended fifth of a third wave can no longer apply, simply because in the SPX our wave iii/3 was shorter than wave i/3, and now the fifth wave has exceeded the third in length. This is not acceptable. This is a normal adjustment required as
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