Elliott Wave Live: Market Wrap for August 16, 2010

Monday, August 16, 2010

Market Wrap for August 16, 2010

For the pre-market commentary, I warned about the possibility of trending price action and a reverse during the same day. Examining the move down off the open, it appears that wave (v) has been struck but the powerful reversal never materialized. I have relabeled the wave sub structures to better reflect the size of the decline. Nothing changes the larger degree trend. A failure to hold 1066.25 (critical support) would indicate that wave (i) was still extending.

Minuette wave (ii) is currently unfolding. Since the most common retracement for a 2nd wave is .618, the target is 1103.75 (+/_ ). Attaining this level isn't an absolute requirement. My minimal expectation is for the gap between 1090- 1096 ( +/_ ) to be filled.

Best of Trading

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Monday, August 16, 2010

Market Wrap for August 16, 2010

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