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Wednesday, October 20, 2010

Elliott Wave Update ~ 20 October

As much as the dollar rebounded, the bounce still counts best as a zigzag up (unless we have a 1-2,1-2).  Possibly the dollar has worked a sideways expanding triangle.
Closer look of a possible triangle. It could also be a nice inverted head and shoulder setup and a series of 1's and 2's up. That would be the best bullish scenario.
IYR looks like an ED pattern. If it is, the pattern is terminal and has likely ended.
We'll give the benefit of the doubt to the bulls in the short term wave count.  The count can be adjusted and would largely imitate the expanding triangle shape at the April highs. Otherwise leave 2 where I had it yesterday.

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