Short Term Trading Member Forum

[techcharter]

Elliott wave alternate count.

For most of the US Markets, the DAX, and FTSE this week marked a change of wave count under Elliott wave rules. The alternate wave count I now have for the wave 5 from late summer/fall 2004
is wave d of an ending diagonal. The FTSE is probably a wave 4 triangle. This count reduces conflicts of waves of markets with stronger wave implications lagging markets with weaker wave counts. I'm looking for a 2 to 4 week rally as stochastics are in the oversold area.

There is always the possibility the top is in place, and an Elliott wave was too subtle to count.