Elliott Wave Live: Elliott Wave Live: Market Wrap for August 11, 2010

Wednesday, August 11, 2010

Elliott Wave Live: Market Wrap for August 11, 2010

I had been calling for a possible move beyond the June peak. It didn't happen. Yesterdays and today's strong selling pressure , the subsequent break of critical support (1103.75) and bearish technicals combined with a bearish ending diagonal ( wedge) have set the stage for a wave 3 decline that should take price to new lows for the year.

Ending diagonals make quick retracements to the origin of the pattern which is 1005.5. The reason for this quick decline is because with each peak (waves 1,3,5) leading up to the termination point, buyers stepped up. Most bought at or near the last high in anticipation of the breakout. Their stops are below each swing low. Each break of a previous swing low traps more bulls as their stops are hit. This should add to selling pressure. I'll be looking for continued selling and confirmation of five waves down at the most common initial retracement for wave 1 of 3 down at 1051.75.

Best of Trading

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Wednesday, August 11, 2010

Elliott Wave Live: Market Wrap for August 11, 2010

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