Elliott Wave Live: ES_F: Flash Update

Wednesday, March 16, 2011

ES_F: Flash Update

The market tanked after the EU Energy Commissioner said that the Nuclear situation in Japan was out of control. Yet earlier I warned that a loss of w.(a) and w.(c) may lead to a more complex w.b.

Looking at the intraday chart, w.b circle retraced approximately 90% which is typically associated with a flat correction followed by a rally to w.c=w.a at 128825. If so, 125550 must hold; therefore, it's critical support. A break below 125550 would set up the potential for a test of 1226-36 support area.

I hope you found this update helpful and ..

Best of Trading

1 comment:

MikeMarch 16, 2011 at 2:36 PM
Critical support of 125550 has been broken opening the door to further losses. See my nightly post for summary of today's trade and updated wave count.
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Wednesday, March 16, 2011

ES_F: Flash Update

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