Another Sell Signal. A measured move will take the Market down to "sHs" neckline = 12975.1104, 1439.1801, 2583, Monday low.
Bears be a little careful as the price has corrected over that +7.5 going it to the last half our of OE..
Always be careful when the price Overbalances its last ALT correction.. It went +8.25 which is a big warning flag that something is up. I know I bang on about ALT's but there are used like Traffic lights by Traders.
.... could you explain this a bit more.... i am a lost layman here.... ... i was very confused at that time.... ... most i could make out was a sym triangle which broke up at the last ... thanks
This is my preferred count from the June 06 low. Prechter and others are looking for the completion of a triangle and 1 final push to a new high while I believe the Oct. 11 high was it and we have entered a bear market. I believe it would make for an interesting discussion as to why my count is valid/invalid.
Elovemer have a read of page 127* onwards of Frost Prechter's EW book. Most Elliott Wavers miss the importance of this. The first bench mark of any correction is the length of the first correction. In Yesterday's afternoon example it was +7.5. If following corrections are equal to or less than +7.5 than the waves are said to be in the same or current degree cycle**. If however a correction exceeds the current cycle degree benchmark ie greater than +7.5 in our example, then the markets telling us that a lesser cycle degree is complete and we need to move to the next higher degree cycle. *1998 additions onwards. ** Re-Read page 22 onwards to fully understand a Cycle degree.
Rob the slight problem I have with your wave 5 high on the 11th of October is, the structure off the August 16 low going into that 11th Oct high is only made up of only 3 waves. Unless your doing an Irregular Top count,(in any case the 5th wave must be labeled as the July 19th high.) The 3 wave structure must be some sort of corrective wave of a larger degree pattern.
Gosh, well here's my wave count using the DJI weekly.... Classic example of a fourth wave irregular correction.