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Friday, April 26, 2013

Elliott Wave Update ~ 26 April 2013

The two E-mini charts below shows that prices are still within channels on two different scales. Until these channels break, the uptrend cannot be confirmed as over yet. But if you have been following charts such as gold for the last 2 years, the handoff from "strong" to "weak" hands above a seemingly solid support shelf took a long time.  Every time prices reached that shelf, buying took place. Yet there was a series of lower highs and the support shelf eventually did not hold.

If stocks have topped, then we could be facing a similar situation in that a protracted topping is occurring (yet the handoff time period would certainly not be as lengthy as gold).

The channel up from November is still intact.
And channeling from the recent low is still also intact.

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