Elliott Wave International - Market Analysis

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Today is Wednesday, August 6, 2008	Return to My EWI

Hang Seng (Intraday)
Posted On: Aug 5 2008 11:59PM ET / Aug 6 2008 3:59AM GMT
Last Price: 21950

[Consolidating for now; then higher]
Key level: 20989

No change. If the Hang Seng opens later today, it should gap higher like the rest of the Indexes but as discussed in the daily report and just below, one more low in wave (c) may be needed to complete wave b (circled) after strength near term in wave (b).

A five-wave rise in wave a (circled) was followed by quite the corrective-looking dip that was left on the charts with the latest push higher; however, wave b (circled) has taken on a more complex shape here and probably needs an up-down sequence before it is complete so we will monitor structure for now but the chop probably continues for another day or two before a low is in place.

Near-term resistance is 22166-69, 22225, 22438, 22515, and 22632-60.

Next support is 21628-77. mb

Korea (Intraday)
Posted On: Aug 5 2008 11:21PM ET / Aug 6 2008 3:21AM GMT
Last Price: 200.96

[Bottoming now]
Key level: 190.02

No change. The gap higher is a good start and initial resistance has been tagged but it's a three so far so we'll need a bit more follow-through past 201.49-.83 and then 203.08-.19 for this rise to take on an impulsive look--so we'll watch for that to be able to bump key support on up but so far, so good.

The obvious alternate count is similar to the Nikkei where wave (a) in the latter three is done, wave (b) up is underway now and potentially complete, and (c) down to just below 195.78 is due next. mb

ASX200 (Intraday)
Posted On: Aug 5 2008 11:17PM ET / Aug 6 2008 3:17AM GMT
Last Price: 5003

[Entering consolidation]
Key level: 5083-88; 5131-41

No real change. As discussed in the daily report, it does appear that prices are entering a consolidation of recent losses, and now that this push is impulsive past initial resistance at 5006-14, it does now look like 5083-88 will be tested and odds of the alternate count on the daily chart have certainly increased some too whereby wave c (circled) is getting underway to above 5210 but we will take it one step at a time and yesterday's low at 4829 should not even be tested if it's bullish from here. mb

Nikkei (Intraday)
Posted On: Aug 5 2008 11:08PM ET / Aug 6 2008 3:08AM GMT
Last Price: 13202

[Higher now?]
Key level: 12671

No real change. We are back long again from a couple of nights ago (12930 area) and looking higher and all but structurally, I just can not rule out another dip in wave (c) toward 12865-88; however, several hurdles have already been cleared but we'll keep key support down at 12671 until we get further evidence that wave b (circled) is done on the downside.

The next resistance levels are 13245-48 and then 13343. mb

STI (Intraday)
Posted On: Aug 5 2008 10:02PM ET / Aug 6 2008 2:02AM GMT
Last Price: 2889

[Higher]

No real change from the daily report. Five down from May likely completed at the July 16th low.   Wave a (circled) cleared the channel in this decline and looks too large to be wave iv (circled) under an alternate count and wave b (circled) has included a couple of retests of the formerly-operative channel in wave 1, including yesterday's drop, which tagged a corrective channel, as well as two equal legs in wave b (circled).

The impulsive rise from the low yesterday is quite constructive toward the idea that higher prices in wave c (circled) are getting underway so as long as this low holds, we are counting it as wave b (circled).

The next important hurdles to clear are 2902-14 and 2928-30.  mb

Note: Our charts on this index update overnight only so instead of not providing a chart, I have drawn in the bar on the daily chart that we are using for the daily report.

TWI (Intraday)
Posted On: Aug 5 2008 9:50PM ET / Aug 6 2008 1:50AM GMT
Last Price: 6979

[Higher]

No real change. We are viewing the recent push through the channel from May as wave A, the ensuing, corrective-looking dip (double-three) as wave B, which just filled the gap from 7/21, with C up getting underway now but in any case, as long as the July 16th low remains intact, higher prices should ensue. mb

Note: Our charts on this index update overnight only so instead of not providing a chart, I have drawn in the bar on the daily chart that we are using for the daily report.

Korea (Intraday)
Posted On: Aug 5 2008 8:48PM ET / Aug 6 2008 12:48AM GMT
Last Price: 200.86

[Bottoming now]
Key level: 190.02

No real change from the daily report. The gap higher is a good start and initial resistance has been tagged but it's a three so far so we'll need a bit more follow-through past 201.49-.83 and then 203.08-.19 for this rise to take on an impulsive look--so we'll watch for that to be able to bump key support on up but so far, so good. mb

Nikkei (Intraday)
Posted On: Aug 5 2008 8:33PM ET / Aug 6 2008 12:33AM GMT
Last Price: 13138

[Bottoming now]
Key level: 12671

No change from the daily report. We are back long again from a couple of nights ago (12930 area) and looking higher and all but structurally, I just can not rule out another dip in wave (c) toward 12865-88; however, several hurdles have already been cleared but we'll keep key support down at 12671 until we get further evidence that wave b (circled) is done on the downside.

The next resistance levels are 13177, 13245, and then 13333-43. mb

ASX200 (Intraday)
Posted On: Aug 5 2008 8:21PM ET / Aug 6 2008 12:21AM GMT
Last Price: 4999

[Entering consolidation]
Key levels: 5006; 5083

As discussed in the daily report, it does appear that prices are entering a consolidation of recent losses, and now that this push is impulsive to initial resistance at 5006, it does now look like 5083 will be tested and odds of the alternate count on the daily chart have certainly increased some too whereby wave c (circled) is getting underway to above 5210 but we will take it one step at a time and yesterday's low at 4829 should not even be tested if it's bullish from here. mb

Hang Seng (Intraday)
Posted On: Aug 5 2008 12:34AM ET / Aug 5 2008 4:34AM GMT
Last Price: 22012

[Consolidating for now]
Key level: 20989

No change. A five-wave rise in wave a (circled) was followed by quite the corrective-looking dip that was left on the charts with the latest push higher; however, wave b (circled) has taken on a more complex shape here and probably needs an up-down sequence before it is complete so we will monitor structure for now but the chop probably continues for some time before a low is in place.

Next support is 21868-90. mb

ASX200 (Intraday)
Posted On: Aug 4 2008 11:03PM ET / Aug 5 2008 3:03AM GMT
Last Price: 4832

[Lower]
Key level: 5006; 5083

No real change. Key support levels at 4896 and 4880 have been taken out, negating the idea that a low had been registered and while wave b (circled) may be underway to a new low for the move, nothing appears imminent and as long as 5006 and 5083 remain intact, prices can work lower for now.

Next support is 4787-4815. mb

Korea (Intraday)
Posted On: Aug 4 2008 10:58PM ET / Aug 5 2008 2:58AM GMT
Last Price: 197.07

[Bottoming now]
Key level: 190.02

No change. A five-wave rise from 7/16 has been followed by a corrective-looking dip so we are looking for a small five up from near current levels past 201.43-.49 to confirm the idea that wave c (circled) to the upside is getting underway.

Next support, if needed, is 193.44-.86. mb

Nikkei (Intraday)
Posted On: Aug 4 2008 10:56PM ET / Aug 5 2008 2:56AM GMT
Last Price: 12968

[Bottoming now]
Key level: 12671

No change from the daily report. A clearly-impulsive rise has taken shape from July 16th, suggesting at least a wave-2 rebound is now underway. And from the high of wave a (circled), a clearly-corrective decline has taken shape so as long as the July 16th low is unthreatened, confidence is high in the idea that higher prices will be seen in the coming days and weeks.

Real near-term, it may still be that an up-down sequence is due to complete wave b (circled) but sometimes the latter three can be quicker than you think so we are watching for a small five to the upside to signal that wave c (circled) is getting underway.

Nearby support at 12865-88 includes two equal legs, a corrective channel, and .786 of wave a (circled).

The next upside hurdles are 13043, 13114, and 13143. mb

Hang Seng (Intraday)
Posted On: Aug 4 2008 10:14PM ET / Aug 5 2008 2:14AM GMT
Last Price: 22119

[Consolidating for now]
Key level: 20989

A five-wave rise in wave a (circled) was followed by quite the corrective-looking dip that was left on the charts with the latest push higher; however, wave b (circled) has taken on a more complex shape here and probably needs an up-down sequence before it is complete so we will monitor structure for now but the chop probably continues for some time before a low is in place.

Next support is 21868-90. mb

TWI (Intraday)
Posted On: Aug 4 2008 9:36PM ET / Aug 5 2008 1:36AM GMT
Last Price: 6945

[Higher]

No change. Nearer-term, we are viewing the recent push through the channel from May as wave A, the ensuing dip as wave B, with C up underway now from Friday's low, or after one more dip below this low but in any case, as long as the July 16th low remains intact, higher prices should ensue. mb

Note: Our charts on this index update overnight only so instead of not providing a chart, I have drawn in the bar on the daily chart that we are using for the daily report.

STI (Intraday)
Posted On: Aug 4 2008 9:32PM ET / Aug 5 2008 1:32AM GMT
Last Price: 2865

[Nearing low]

No change. An impulsive-looking rise in wave a (circled) cleared the operative channel from May and three down retested this formerly-operative channel in wave b (circled).

And now a small five from 7/29 has left this three down on the charts, adding weight to the assessment that wave c (circled) of 2 is getting underway toward 3011 as initial resistance. Key support is the 7/16 low. mb

Note: Our charts on this index update overnight only so instead of not providing a chart, I have drawn in the bar on the daily chart that we are using for the daily report.

Korea (Intraday)
Posted On: Aug 4 2008 8:53PM ET / Aug 5 2008 12:53AM GMT
Last Price: 198.57

[Bottoming now]
Key level: 190.02

No real change. A five-wave rise from 7/16 has been followed by a corrective-looking dip so we are looking for a small five up from near current levels past 201.43-.49 to confirm the idea that wave c (circled) to the upside is getting underway.

Next support, if needed, is 193.44-.86. mb

Nikkei (Intraday)
Posted On: Aug 4 2008 8:45PM ET / Aug 5 2008 12:45AM GMT
Last Price: 13038

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