A break out up would help confirm the pattern. If so, it could be a sharp bounce. Keep in mind, this falling wedge could support the bear case as well since it would represent a leading diagonal wave 1 or a down.
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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.
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Friday, September 27, 2013
9/27/13 - AM Update
On Wednesday I mentioned the possibility of a falling wedge that may favor the bulls if the market continues to chop lower. Since Wednesday, the market is still chopping lower so we must be cognizant of this falling wedge.
A break out up would help confirm the pattern. If so, it could be a sharp bounce. Keep in mind, this falling wedge could support the bear case as well since it would represent a leading diagonal wave 1 or a down.
A break out up would help confirm the pattern. If so, it could be a sharp bounce. Keep in mind, this falling wedge could support the bear case as well since it would represent a leading diagonal wave 1 or a down.