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Wednesday, October 7, 2009

Elliott Wave Update ~ 7 October

Triangle sideways breakout. Either a small 4th wave or a B wave of some degree in a larger pattern.
After 2 days of bullish upside, today's waves were corrective in nature and they looked like triangle waves. 4th wave possibly or a (b) wave in a larger triangle pattern.

I will say, I am not enamored with the count. But I think keeping focused on what appears to be the theme that this is some sort of attempt by the market to make a new high, its a moot point.

So I'll continute to treat the larger count as this is either a sideways Minor wave 4 we are still in and then a break for Minor 5 higher, or this is Minor 5 higher already and attempting to make a beeline for a new high. Not enough evidence has occurred either way.

And of course the 1019-1069 trading range I talked about yesterday for now which could be a temporary theme for a bit if we go sideways. That would represent the struggle of the bulls and bears.

Inverse H&S possible but a nice down move to close yesterday's gap up would form a better one.

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