Elliott Wave TRIGGERS and TARGETS

[TREND1]

THEWACETRADING: 10/17/12
The rebound is much stronger then I was expecting with price easily recovering above both the 10 & 20 d MA and achieving an eod print above the 0.618 retracement of the down leg off the October 5 lower high.

We have a daily Marubozu, which could be an exhaustion candlestick if today we have a small range body or a reversal bar.



Obviously the question that you should ask me is:

Is the correction over?

I am not stubborn, I never obstinate with a given EW count, but

so far I am firmly convinced that EW wise the pattern from the September 14 high needs a pending wave (C) down in order to be considered completed.


http://www.safehaven.com/author/607/thewavetrading