Important Harmonic Elliot Wave_DJIA Update

The following charts are updates and alterations to those I last posted. While I am sticking to my overall directional count, I have had to make some changes. My past chart was a hybrid of the Harmonic and traditional Elliot Wave models. The reason I approached it that way was because I could not work out a pattern which jived with either the traditional or harmonic approaches. With a reality check from this very strong bull market and an algorithm which displays fractal efficiency within the market, I have created this revised wave count and target area. The next likely place of resistance in the DJIA is between 14,7610 and 14,777.

I am now counting the market movement between April and November of 2012 as a flat running correction. This provides the appropriate break between the higher fractal efficiency motive movement ending in in late March of 2012, and beginning again in November of 2012. Thus, where the remainder of the wave count breaks down into a well settled harmonic structure, the 5th minor wave (blue) breaks down into a A-B-C pattern.

The Fibonacci extensions for this count are also convincing, as the Micro, Sub-minuette, Minuette, Minute, and Minor degree extensions all land on common or fairly common extension ratios. I will update these charts with corrections to the smaller fractal colors for ease of labeling and understanding, but as a rough sketch the charts are as follows:

Good Charting,

Warren