Monday, July 9, 2012

Still on Wave 4

The market put in a slightly lower low today and tested the Trend Avg yet once once again but closed above it. So this correction in time and price has reset most of the short term overbought oscillators and we could see a bullish wave start as soon as tomorrow morning. The real question will be what happens once the final 5th wave is put in to this wave. Will the market correct and continue the sideways correction that has been in the works for over 3 months now or do we get a strong bullish wave to new highs? going by the news (or most Elliott Wave counts) one would think we're about to fall off the cliff. However, looking at the trends they are clearly pointing up so I suppose this will be an instance of this system proving itself.

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