This Elliott Wave blog is dedicated to sharing Fibonacci ratios and other technical analysis for forex signals, index futures signals, options signals, and stock signals. Elliott Wave Principle puts forth that people move in predictive patterns, called waves. Identify the wave counts, and you can predict the market.
Thursday, August 7, 2008
August 7, 2008; S&P 15 Minute Chart Possible Count
This count I like better because it doesn't really conflict with any EWP rules. However, it basically has the same result anyway. Another scenario has a triangle forming in a B wave. I hope this is not the case because it would mean we have weeks before wave 2 up ends. If that appears to be unfolding, I'll post a chart with the wave count.
As for this morning, we're seeing the weakest breadth we've seen the past few trading days. NYSE down volume is about 65% of all volume. It's still early so we'll see if it picks up. I want to see it get to 90% volume to the downside before I even start to consider wave 3 of (3) down is underway.
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