Elliott Wave Update ~ 15 July 2014

Its has been proposed that the market is in wave (iv) of (v) of 5. The price action of the past many sessions still supports that view. Note how wave (ii) of (v) was a very complex correction. So there is reason to suspect that (iv) of (v) will be simpler which so far appears to be the case.

Here is a 5 minute chart in an attempt to chart the subwaves. So far the correction has been somewhat simple as compared to wave (ii) in chart above.