Elliott Wave Update ~ 9 April 2014
Prices traced out a pretty decent expanding triangle. Expanding triangles can only be a wave four of some kind (if that's what it is) so to make sense of the count, we'll count the triangle as Minute (iv) of 5 and see what happens. A lower low would nullify the triangle and signal a likely strong bear move.
But until a lower low actually occurs, the overall uptrend is still solidly intact and we have a count that works for that.
Here is the triangle closer up. Unless the top was actually Minute (v) of 5, we can only post the probable counts and see what happens.
I would love to see a higher market price high coming (in the Wilshire) as that would confirm the triangle count was correct and that would confirm that the triangle is most likely the last corrective in the uptrend (triangles in an uptrend occur as the last wave four in a wave sequence) and that means we can predict the uptrend will exhaust as a result. Thats EW theory in a nutshell.
I would love to see a higher market price high coming (in the Wilshire) as that would confirm the triangle count was correct and that would confirm that the triangle is most likely the last corrective in the uptrend (triangles in an uptrend occur as the last wave four in a wave sequence) and that means we can predict the uptrend will exhaust as a result. Thats EW theory in a nutshell.
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