Stock Market Analysis With The Elliott Wave Principle -Dow Jones, S&P 500, Russell 2000, Nasdaq and FX. All charts and commentary on this site are strictly the opinions of the author(s) and are for recreational purposes only. In no way should this be construed as trading advice or a recommendation for investing. See disclaimer at the bottom of the page.
Monday, November 23, 2009
11/23 - E-MInis
Today's ramp up may still count as a wave 2. Price could not stay above the mid-channel line.
I am still going with this count (applies to SPX as well). The red trend channel I drew shows price topping near the mid-channel line. A break below 1083.50 (1086.95 for SPX) would confirm the trend change.
I am expecting the next leg down near 1065 or so. This could either be a minuette (iii) or it may only be a minuette (c) of a larger flat. If it becomes a minuette (c), it could fool the bears with a false break of the neckline.
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