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Saturday, February 12, 2011

Updated Wave Counts for the SPX, DOW, RUT and COMPQ

Here are the updated wave counts for the major indexes.  All but the RUT favor a count of wave [iii] of [v] of (1) of P3, the alternative count, which I also believe bests suits the RUT is that this is an extended wave [v] of (1) of P3.  If this is the third primary wave of a new bull market, then one would expect it to be stronger than the first primary wave (i.e. the wave off the March 2009 lows).  And, with this week's action that is just the case for each of the indexes.  Thus far the Nasdaq has gained 749 points since the P2 low or approximately 1.47*(1) of P1 (just 13 points shy of a tidy 1.5x).  The RUT has gained 234 points, precisely 1.382 times its intermediate wave (1) of P1. Meanwhile the Dow and SPX have only out-gained (1) of P1 by roughly 11%.  The target I gave my subscribers for the SPX this week was 1330.50ish and it turned out to be pretty close.

On the subscription site I follow 10 major indexes and give nightly updates (and often daily ones too) of the trends for each and whether they are on buys or sells.  This week the Transports, which had been lagging the other major indexes gave my system a "BUY" on Wednesday, and my subscribers have benefited from two great days of IYT and FDX long positions.  If you'd like to be part of our community, then you can try it for only $49 a month, an amount that has been recovered many times over thus far in February.