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Friday, July 9, 2010

Elliott Wave Update ~ 9 July

Primary count is that Minute [ii]  of Minor 3 is playing out.  There is a good case to be made for the alternate count

The Wilshire managed to close over the big bear candle by a mere .14 of a point.  Did it completely exhaust itself in doing so? Will sentiment rebound in a big way over the weekend to allow Minor 3 to continue on down or at least a (b) wave of [ii] retrace? Will things hold tight up high? Will it try to gap up and run away only to have a major bearish reversal?

Can the major resistance area created by the June 29th bear candle be taken back so neatly?  This is for the market to decide obviously.
E-minis price selloff in A/H's. Overlapping up moves suggest ending diagonal fifth wave of at least (a) of [ii].
Hourly candle RSI shows the most overbought condition since prior to the April market peak.  

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