Announcements:
As a result of my ongoing efforts to build my new website, some readers may have noticed that my intraday Tweets and content posting has been cut back to just M-W-F. I appreciate your understanding and patience.
When my schedule permits, I will make every effort to follow the market intraday and make blog entries.
The Emini S&P:
Here's a quote I read from the Associated Press, "Global stocks remained buoyed by the decision of five top central banks to provide unlimited amounts of dollar loans to the banking sector, easing one of the concerns driving the recent turbulence in financial markets of late."
While this persistent manipulation is frustrating in that it blows up short term wave counts.... it doesn't change the larger degree bearish view.
In Wednesday's Market Pulse, I features two existing elliott wave counts, of which the chart above was invalidated on a break above 1199.75.
However, as in any corrective structure, there are still multiple ways of labeling the structure and often the count is unclear, sometimes until it's complete. This is why attempting to trade a complex structure can be hazardous to your account.
In this weeks edition of
Heard on the Street , I'll be showing how the intraday price action still fits within the larger degree bear trend. Until then....
... here is the other interpretation, the contracting triangle. Notice how I was looking for a decline yesterday that never materialized and the wave structure continued to subdivide. Thanks Central Bankers!
Here is the updated chart through yesterdays close. The ideal target remains where w.c circle = .618 w.a circle at 1210.75.
Technicals already show divergence therefore the wave structure at this juncture is mature. Let's see how the lower intraday time frames look at the open.
Best of Trading
