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A quick recap of the week's action.
1. 5 minor Waves down completed for one larger degree move down.
Obvious from a daily chart. Very clear cut.
2. One 5 Wave minor move is never a complete move at a larger degree.
There is always either a 3 or 5 wave move at the degree larger level
that is needed.
3. Since Elliott Wave Theory anticipates at least 2 more waves of the
degree seen this last week, let us divine a future course.
4. The 2nd larger Wave should be a 3 Wave minor correction. Either a
fibonacci 38% correction or previous 4th wave support area should
contain this. A range that can be put at 9055 - 9156. Look for this to
happen in 3 minor waves.
5. The Following anticipated move down could very well be a mirror of
this past week. 500 points down or more is very likely. Whether it is
an Elliott 3rd Wave or C wave, both interpetations are in the same
direction, DOWN. Even for a C wave, this should take place in 5 minor
waves.
Getting in on this one will depend on a good entry and hopefully valid
stop level. I have been off sometimes in my retracement levels, gotten
stopped out, only to see the larger scenario play out. I will be
playing this one out to the down side nevertheless.
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