Monday, October 11, 2010

Elliott Wave Update - October 11th

Today was the lowest volume day this year and there wasn't much movement to speak of with the exception of the last hour of trading. The Euro has started falling and it might be headed into a pullback so the market should see a top around here. On the charts we have the Rising Wedge (or Ending Diagonal) which could see another high before breaking. The trend is neutral and any rally or sell off beyond the current support/resistance levels will solidify a new trend. The MACD on the hourly has rolled over and the level I am watching is 1153, any trend changing sell off has to go under than level in a impulsive manner so we'll see if we get that in the next few days or maybe even tomorrow? the last hour has a bearish 3W set up.

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