Wednesday, November 28, 2012

Elliot Wave correction update

I am updating my inter day prediction for the next two weeks or so. What I had formerly labels as the entirety of the corrective wave in my last post I am now considering merely wave A in a larger A-B-C (three wave correction). The reason for this is that flat B waves generally follow a zig-zagging A wave and the near sideways movement of the market over the past few days indicates a larger upward correction. My previous prediction came writhing one basis point of the DJIA futures /ymz2 and was accurate  to the extent that it predicted the top of that wave. I would now anticipate, as has started this morning, further upward movement in the DJIA and its futures to the extent of 1.618 times the length of wave A. This will likely find some resistance but ultimately pass through the larger bear market Fibonacci resistance point of 61.8% of this most recent downturn.  I will add a revised chart to accompany this post later today, and  basing this post off of the uptick which I expected from today's market.
I am updating my inter day prediction for the next two weeks or so. What I had formerly lab