We're still early on in this process, but so far the patterns have a very good hint of bearishness about them. We've taken out the monthly lows on an intraday basis. We still don't have 5 waves down on a 60 min chart, so that is what I'm watching for right now. I won't be surprised of an undersided test of the broken trendline today. A significant close below yesterday's lows should be our confirmation.
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looks like we are close,, nice work.
ReplyDeleteits a 5 count... then what ?? small abc up.. then we short for real. ?? maybe some FAZ ???
ReplyDeleteturbino,
ReplyDeleteideally, we would complete this 5 wave move (unless it subdivides) somewhere in the neighborhood of today's lows and SPX 910, then we would have a w2/b up to test the breakout around spx 930 and then we would have a massive wave 3/c selloff to 875 or lower. Depending on how it goes this would complete our first part of our wave B.
Rich, as I posted on Tony's blog my charts indicate the end of this mini cycle as of 10:50
ReplyDeletethis morning. What does yours show? in a few words... please.
Also,a word of advise ....Elliott started me on this 30 years ago...to get it better youu most inovate
Heccis, the move off of today's low was certainly strong enough to call our initial move down 'complete' and I will label it that way. We're positioned for a nice move up to test the break down tomorrow. I hope we get there as it will be an ideal shorting opportunity.
ReplyDelete