Good Afternoon tot all,
It looks as though my previous prediction calling for a strong downturn in the market following the (B-2) wave correction was accurate and the DJIA, continuing today, as it has in the past few days has taken a very strong downwards motive turn in the (C) wave which is also a (3) wave: (C-3). I would expect this wave, and the time is probably approaching as I am writing this, to bounce off at the 11,600 level to form a small correction. At this moment I believe the current motive wave down , in and around 11,640 is in the fifth wave of this motive line which has been in action for the past few days. It seems pretty clear that this wave has at least one extension if viewed on a (two hour)perspective over the past few days. If (c-3) does in fact push past 11,600 it may very well push all the way down to 11,200 without a major correction, which would techincally validate perfectly my previous prediction, though that remains to be seen and I am not 100% sure that it would happen.
As per the Elliot model, a (4) corrective retracement should be due in the coming weeks though based off of the strength of this motive wave I do not think that it will push up to a .618 retracement of (c-3, but perhaps only up to the .382 or .50 level.
Ok I am posting this before the future becomes the past and people start to say that I do this in hindsight, which I dont.
Enjoy the action!
-Warren
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