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Thursday, June 4, 2015

Elliott Wave Update ~ 4 June 2015

As was discussed in yesterday's post, it would be no surprise if the triangle pattern had failed in today's trading. It did just that.   It could still be wave [b] of Minor 5 to a new price peak but today's heavier selling pressure suggests that it might actually be a start of a wave (iii) down.
Our Wilshire 30 minute chart. Triangle was suspect because wave (a) was too deep a price plunge to triangulate around. It didn't have the "right look".

However, the count still works out as a [b] wave. Tomorrow is a key day. With jobs report coming out, it may be volatile, perhaps to the upside. Good luck.
Heavier selling pressure. No positive divergences to speak of.

Sitting on a trendline. Would be a logical place for a bounce.

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