Elliott Wave Live: Elliott Wave Live: Market Review for August 10, 2010

Tuesday, August 10, 2010

Elliott Wave Live: Market Review for August 10, 2010

The early morning call worked like a charm with a move down to 1112, then a large retracement. It remains to be seen if a new recovery high can be struck or if wave 2(blue) has ended. This leaves the current interpretation of the wave count from 1103.75 open but the ending diagonal and its structure is still intact. All Fibonacci targets remain in place.

At this point, I'm moving key support to 1108.25. If prices breach this mark, then something is wrong with my count. I'll set critical support to 1103.75. A break here would add to the near term bearish case.

Best of Trading

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Tuesday, August 10, 2010

Elliott Wave Live: Market Review for August 10, 2010

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