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, September 27, 2010
9/27/10 - EOD Update - 10:00 PM
I added a few things to this chart and made a correction for minuette (ii). As posted earlier, there is a MACD triple negative divergence at hand.
I wanted to point out what happened after the previous triple, which actually looks more like a quadruple neg divergence. That quadruple resulted in a pullback that I have labeled minute [ii] on my other charts.
Now that we are there again, I'm expecting that minuette (ii) pullback.
I added alternate labels near the top as well. It is possible we are working on an a-b-c flat pullback. I don't show it on the chart above but if c=1.618a at 1107, which equals a 38.2% retracement of the rally starting from 8/27. c=a is at 1123.