Tuesday, August 17, 2010

SP Elliott Count and Fibonacci Retrace

Believe we have an expanding triangle correction for the 2 wave. The  b = 1.23 of a, and the c = 1.4 of b,  and 1.74 of a. And of course the whole thing has retraced 50% of the 1.
Expanding triangles usually precede an explosive move...which would make sense in this position at this time.
It's interesting that the 1,2 of larger degree had a similar structure with a down and under b wave. See
SP Top?

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