..............WMT's Big Picture Elliott Wave Count

One needs to look at the second chart at http://stockcharts.com/charts/gallery.html?wmt, in which the cycle highs/lows are labeled. In September 2005 WMT hit a Cyclical Bear Market cycle low at 41.18. A Wave 1 intermediate term cycle high occurred at 49.51 in November 2005. A Wave 2 intermediate term cycle low occurred at 41.60 in July 2006. A Wave 3 intermediate term cycle high occurred at 51.47 in October 2006. A Wave 4 intermediate term cycle low occurred at 44.38 in December 2006.

For the Wave 5 intermediate term upcycle since December 2006, one needs to look at the second chart at http://stockcharts.com/charts/gallery.html?wmt. WMT's Wave 1 peaked at 49.95 in February 2007, Wave 2 down bottomed at 44.85 in March 2007, Wave 3 up peaked at 51.44 in June 2007, Wave 4 down probably bottomed today at 45.73 (bullish very large inverse spike), so, Wave 5 of the Wave 5 intermediate term upcycle since December 2006 (probably began today) will probably take out the Wave 3 intermediate term cycle high that occurred at 51.47 in October 2006 in the near future (and of course the shorter term Wave 3 cycle high at 51.44 that occurred in June 2007).

The WMT action is what was expected (should exceed 51.44 and 51.47 in the near future), but, the near term Elliott Wave count previously discussed was wrong, because, I hadn't diligently done the big picture Elliott Wave count. In the future I obviously need to make sure that I have a good grasp of the big picture Elliott Wave count.

....... http://www.JoeFRocks.com/ .