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Wednesday, October 9, 2013

Elliott Wave Update ~ 9 October 2013

Lots of short term intraday options for our squiggle counts. But no matter if the market bounces hard or not - and the wave count certainly can account for a hard bounce -  the premise is that prices are now in a wave (iiii) down.

Perhaps a backtest of broken support (horizontal line) is forthcoming.
On a larger scale, the lower channel line (green) was solidly breached. So perhaps a backtest of the underside of that is in order.  In other words, support was broken in both the horizontal plane and the lower green channel line. A rise in prices would "backtest" both support definitions at the same time.

If that were to occur, and a failure to regain support, then expect a solid wave iii of (iii) selloff point to come. Thats the primary count.

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