Tuesday, April 9, 2013

Down Jones Industrial Average - Harmonic Elliot Wave Update

Still within the target zone I laid out back on March 17th, the market movement today is I believe indicative of a C wave filling out the completing five wave form (pink). The harmonic model is a precise one and one which thankfully, because of its simplicity, does not keep one guessing when a plain mistake has been made. Such was the case today as I expected the market to already have started its bear market move. The three wave predecessor to today's movement was, however, wave B (light blue) of wave 5. The clear 5 wave harmonic pattern which developed today was undoubtedly motive, and the past few days' market action corrective. I am going back to where all the Fibonacci extensions intersect, and calling a high within 30 points of 14,769. Please see the attached chart.


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