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Friday, August 13, 2010

Elliott Wave Update ~ 13 August [Update 4:57PM]

[Update 4:57PM: The dollar shows a nice 5 waves structure up.]

Not much to add today. Primary count is still a wave iv triangle of (i) of [i] of Minor 3.  The retrace in price for the past 2 days is very low and the 50DMA of the SPX is resistance.  Since the price retrace is low, it requires sideways time to make up for the lack of price.  Thats the theory anyways.
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