Elliott Wave Live: ES-057 Update

Thursday, June 21, 2012

ES-057 Update

Earlier in the morning session we had a bunch of bad economic news. I warned, that in my opinion we shouldn't be quick to call an end to the counter trend rally ad that my line in the sand was 1338.75.

Indeed that level has been broken and for now the rally's advance has been halted. However, as you can see from my interpretation of the market's position, I can't rule out the possibility that a w.(iv) is still unfolding in hopes to trap early shorts, then blow them out in one last advance to complete w.2. That's how I'm playing it.

Also note the possibility under my alternate count that w.2 could be complete in what would be a w.v truncation.

Best of Trading

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1 comment:

MikeJune 21, 2012 at 4:32 PM
Clearly the market has spoken and favored the alternate count as indicated in the chart.
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Elliott Wave Live

Thursday, June 21, 2012

ES-057 Update

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