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Wednesday, May 4, 2011

Elliott Wave Update ~ 4 May 2011

My suspicion that the market would continue to correct to at least 1344 today prived correct. It squeaked a bit lower yet did not breach wave [i] price of 1339 SPX.
However the Wilshire 5000 and Nasdaq Composite both breached their wave [i] price markers so the overall count is suspect.

There is one other way besides an ending diagonal pattern in which wave [iv] can breach wave [i] and be "acceptable" is if wave [iv] forms a triangle and the E wave price, or orthodox price, is above the wave [i] price.
The DJIA is still well above its wave [i] of 5 price so it has much more breathing room
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