Abet Chichi2

[DiscoverGold]

For those who follow Elliott Wave analysis:

Still Questioning Wave IV

* Wednesday, July 31, 2013

The market has had multiple opportunities to both break out and break down. At this time, it has not made its decision as to whether we have completed wave iv yet. And, until we get a clear indication, it simply looks like a b-wave triangle forming, which needs another move higher to complete an e-wave.

However, if the market can finally move over the 1688ES region, then we would be targeting the 1694-1698ES region for wave iii of green wave 3 up in wave V, and as long as it can hold support over 1687/89ES (.618-.764 extensions), then we can continue higher in wave V, targeting the 1708ES region, assuming no major extensions.

However, if the market cannot get over 1688ES, then we are still looking at another decline for wave iv, which should be a 5 wave c-wave down into our target region below.

See chart illustrating the wave count on the Emini S&P 500.

http://www.decisionpoint.com/TAC/GILBURT.html

George.

Click on "In reply to", for Authors past commentaries.