Elliott Wave Live: Elliott Wave Market Wrap: Part III

Monday, June 28, 2010

Elliott Wave Market Wrap: Part III

Price has moved sideways for the past two days and the current price structure from the high of wave 2 (blue) does not appear complete. Today was an "inside day", indicates possible trending price action tomorrow. While there is no absolute that this will occur, the compression that I referred to in the weekly chart in Part II of tonight's market wrap aligns well with this possibility. Be on the look out for trending price action at tomorrow's open.

There are currently two possible scenarios that must be given equal consideration.

SCENARIO 1: That wave i (green, circle) is complete and wave ii (green, circle) is still unfolding. Under this scenario, the structure remains within the channel lines which indicates counter trending price action. A break of Friday's high of 1075.5 would reverse the pattern of lower lows and lover highs indicating that this scenario is the operative wave count. Should prices break the channel impulsively, and break 1062.75, then scenario 2 has played out.

SCENARIO 2: That wave i (green, circle is still unfolding)

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Monday, June 28, 2010

Elliott Wave Market Wrap: Part III

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