Elliott Wave Live: The Market Pulse

Wednesday, July 20, 2011

The Market Pulse

Bull Snorting and Bear Stomping

Who is really in control? Since the w.(3) crest of 1343, the market has made wild swings in both directions that just reminds me of allot of bullish snorting and bearish stomping. Neither has yet to gain control. Today's session was no different. ABSOLUTELY NO FOLLOW THROUGH!

Sticking with "one wave at a time", I can make a case that the market completed five waves up as shown in this 3600 tick chart. While I have labeled the initial internal structure of the corrective wave, in the ON session, I'll need to see what transpires in the daily session before confirming that another impulsive move UP was underway due to the fact that the market has only corrected .382 of the previous impulse wave. Even if a deeper correction follows, another 5 wave advance to the upside is in the works if my interpretation is correct. How high remains to be seen as well as whether the move bring clarity to the overall larger trend.

Best of Trading

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Elliott Wave Live

Wednesday, July 20, 2011

The Market Pulse

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