The Dow's sHs neckline was broken. The down move should accelerate now or else a descending wedge will form.
This still could be a sub wave iv, We EW'er's often count to fast so its something to be aware of.. Otherwise its part of a lesser W wave ( prefered option)
If Minor wave 4)c will end near the end of Minor wave 4)a we may have to raise the count one degree as shown in the chart. Minuette wave 4)c.3:5 is ending and the second right shoulder will form as Minute wave 4)c.4 before the beginning of Minute wave 4)c.5. The previous counts is for the correction of a Primary wave degree, IVc].
(New wave degree count) Scenario 1. The Market is going to rebound as Subminuette Wave 4)c.3:5iv, then fall in Subminuette Wave 4)c.3:5v. Strategy 1. Keep short position. Prepare to reverse position at the end of Subminuette Wave v.
Because Subminuette Wave 4)c.3:5iii is shorter than Subminuette Wave 4)c.3:5i we may suspect that Subminuette Wave 4)c.3:5iii may extend and Monday wave is Microwave 4)c.3:5iii.i as shown in the chart below.
Its total nonsense this Elliott Wave Voodoo:eek: http://www.elitetrader.com/vb/attachment.php?s=&postid=1684590 http://www.elitetrader.com/vb/attachment.php?s=&postid=1685526
Scenario 1. Subminuette Wave 4)c.3:5iv or Microwave 4)c.3:5iii.ii has ended. The Market should fall to new low. Strategy 1. Keep short position. Prepare to reverse position after the new low when there is higher high. Scenario 2. If Friday close was surpassed we have to admit that Minute Wave 4)c.3 had ended and the Market could go up to Wednesday high as second right shoulder. Strategy 2. Reverse position if there is a higher high than today high. Set stop at the last low to reverse position again.