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.
Wednesday, January 20, 2010
1/20 - SPX : Why I Question My Bull Count
This chart should show why I question my Bull Count.
There have been three 5-wave structures in a row. Per EW, I don't know of any valid count that allows for this. So in this case, wave 5 may have been put in.
Remember, in last night's post, I alluded to a 5 wave impulse vs an ED count. If so, wave 5 would consist of a 5 wave structure. It is possible wave 5 completed yesterday since the move up counted well as a 5 wave structure.
Still waiting for 1130 to break though to confirm the bearish count.
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