Custom Search

Wednesday, October 21, 2015

Elliott Wave Update ~ 21 October 2015

There seems to be mounting evidence of wave [b] of Minor 2 pullback. There is a possibility that wave 2 high is in, but time-wise and wave structure-wise, it would look better if we had a [b] wave pullback followed by [c] wave advance. This structure would show itself nicely on a daily and even weekly chart.  A nice time ratio would be 3:2 which takes us to nearly December or into December.

Also there is a strong wave tendency that's nearly universal for wave 2's to retrace into the previous subwave [i] of 1 price range. So Minor 2 peak would ideally be within the price range of Minute [i] of 1 which occurred at approx 21.6K. The "virgin" wave space was breached as expected but not yet completely filled.
GDOW had rallied 50% from peak.

blog comments powered by Disqus