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Monday, September 21, 2009

Elliott Wave Update ~ 21 September (UPDATED)

UPDATE (5:43 pm 21 Sep) Added a 1 minute squiggle chart

I think the evidence is gaining that the market is tracing Minute [iv] of Minor C up to P2 peak. It appears so far Minute [iv] has had a zigzag down from 1074 followed by an (x) wave up followed by another sideways corrective pattern that may not yet be finished tracing out.

Minute [iv] of A was likely a sideways "double three" combination that held upper support levels and this Minute [iv] of C looks to be doing the same so far.

So for instance if the final corrective pattern of a double three Minute [iv] is a flat, then look for an early b wave push up tomorrow to fill today's gap down followed by a bearish retrace back down toward today's low.

I'll have some squiggles later to show you what I mean. The 5 minute chart shows some possibilities for the final pattern of Minute [iv] assuming it is not over just yet.

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