Good afternoon,
The chart is a bit vague for me at this point. Ideally, I would hold off my prediction until the foundation for the upcoming (5) intermediate wave was a bit more clear. It has been noted in the Elliot wave literature that if a wave seems to be indefineable, it is best to wait until the pattern avails itself before proceeding. Since I cannot post as often as I would like my assessment, being made per-maturely, is as follows:
August 10th, 2011 kicked off the intermediate (a) correction to the previous downwards (3). This wave continued to build until 8/17 when a zig-zag wave (b) took the market down to $10,825. What comes next is a building (c) wave which is filling out the [v-iii-v] pattern beginning on 8/11.
I believe that (c) will continue to grow until it reaches a at or slightly below a 100% entrancement of wave (a) at $11,526 . If it finds resistance at $11,350, I will qualify that as the end of (c) and will be looking to the coming drop of wave (5) which will bring the DJIA to $10,576. At this point I will be looking for a robust correction upwards in a 3-wave corrective structure, signaling the end of Primary wave ➀ and the beginning of corrective wave ➁.
Enjoy the action in the coming days!
-W
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