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Monday, March 31, 2014

Elliott Wave Update ~ 31 March 2014

There are 2 counts I am closely watching. The first count is that the market has topped and is merely tagging out a meandering wave [ii] flat.
The second count is an extended Minor wave 5 count.  This is how you would properly count an extended wave 5.  Basically the subwave Minute [v] of extended Minor 5 would also sport an extended count and look. One thing about this count is that once it has reached its terminus, a violent bearish reversal is in store.
This GDOW chart below is a textbook example of an extended wave five count into the 2007 top. And note the subsequent bearish exhaustive collapse.

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