INDU's volume may suggest wave b or "wave d in expanding triangle"? Wave B: Prices reverse higher, which many see as a resumption of the now long-gone bull market. Those familiar with classical technical analysis may see the peak as the right shoulder of a head and shoulders reversal pattern. The volume during wave B should be lower than in wave A. By this point, fundamentals are probably no longer improving, but they most likely have not yet turned negative. http://en.wikipedia.org/wiki/Elliott_wave_principle 9) "D" waves â "D" waves in all but expanding triangles are often accompanied by increased volume. This is true probably because "D" waves in non-expanding triangles are hybrids, part corrective, yet having some characteristics of first waves since they follow "C" waves and are not fully retraced. "D" waves, being advances within corrective waves, are as phony as "B" waves. The rise from 1970 to 1973 was wave [D] within the large wave IV of Cycle degree. The "one-decision" complacency that characterized the attitude of the average institutional fund manager at the time is well documented. The area of participation again was narrow, this time the "nifty fifty" growth and glamour issues. Breadth, as well as the Transportation Average, topped early, in 1972, and refused to confirm the extremely high multiples bestowed upon the favorite fifty. Washington was inflating at full steam to sustain the illusory prosperity during the entire advance in preparation for the election. As with the preceding wave , "phony" was an apt description. http://www.elliottwave.com/tutorial/lesson7/7-3.htm
Nasdaq can be count as Supercycle Wave B). Note: multiple measured moves, just above 61.8% retracement.
$USD "Big M"'s first target at 79.2 reached. Next target may be 77.2 or 75.2 Wave 2]c) of Flat Wave 2] may end at 78.4 .
Gold rebounded from upper supporting trend-line instead of the lower one. May be another Head and Shoulders pattern is forming again? Note: Gold at MA(50) resistance. MACD BUY Signal.
It is unclear whether Silver is in wave 5 UP or wave 5) DOWN. Wave 5 UP target is $26-27. Wave 5) DOWN target is $16. Note: Silver is just above MA(50) and previous top/low. MACD BUY Signal.
EUR/USD and $XEU's "W" pattern trumped Head and Shoulders pattern. Wave pattern does not look like 1-2-3-4-5 impulse wave pattern. More like a Double Zigzag pattern. Wave III2y]c)5.5 is at double measured moves, resistance trend-line. There may be some set back soon. If not, next measured move target is 1.402 .
Thanks for the charting, I can appreciated good EW counting! The EUR/USD is also near the long term Fibonacci 61.8% retrace level of 1.3833 right now. maybe that will add some resistance. coincidently USD/CHF is also testing its own long term Fibonacci retrace level of 38.2% (8860). Seems to be that a USD bounce may be starting soon. Of course those levels could be broken, who knows, but if I were I Dollar bull I would be using those levels to give it a go.