Elliott Wave Live: Before The Bell

Wednesday, March 16, 2011

Before The Bell

The ON session has produced the bounce that I was expecting but the market was unable to push through to my 1298 target as overhead resistance of 1283.50 held the advance in check.

For today, the advance from the 1251 low, continues to look like a corrective wave pattern that is currently working a triangle w.b circle. Prices should chop around sideways before eventually breaking the upside boundary of the trendline, with a minimal target of 1286 but most likely a retest of the previous w.4 at 1303.75 is in order.

The loss of w.(c) and w.(a) would most likely mean that a more complex w.b cirlce was unfolding before an eventual rally to complete the corrective structure. As soon as the w.b circle is complete, I will update readers with more defined upside targets.

I hope you found this information helpful ...

Best of Trading

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Wednesday, March 16, 2011

Before The Bell

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