up or down, page-20

Rightio,

To start with id like to say your either an elliot wave fan or not. If your not, dont waste your time reading this post. If you are, continue reading and any further input or views will be much appreciated.

Below is the daily elliot wave chart, ive removed volume from the chart so the wave structure can be seen more clearly.

Basically suggests that we are undergoing a double zig-zag correction...which is an ABC-X-ABC, type configuration.

The most recent price action can be seen as a correction of the impulse wave A from X to form wave B.

Looks to be forming a nice bull flag (at time of writing), expect wave B to typically ret 50-61.8% of A before moving higher to complete wave C, a move below this 'typical' retracement zone would start the warning bells ringing.

Of concern is the unfilled gap above $29, which will be filled at some point. But i cant see prices immediately nose diving to that level until the completion of the Double Zig-Zag or the DOW completely sh-ts itself overnight. If its does, then we would be looking at an expanded flat set-up and an excellent buying opportunity, but lets not get too far ahead of ourselves.




The weekly chart below shows my headline wave count on a larger time frame and anticipated price movement: