Wednesday, December 5, 2012

INDU Elliott Update

The INDU presents a simpler  Elliott count.  The probability of the count being correct is higher when it is clear and conforms to more of Elliott's Principals.
Daily
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There are no overlaps in the 5 count down. The 3 wave is 1.5x the 1 wave, and the 5 wave is 1.5x the 3 wave.
So far it has had a simple 50% retrace of the 5 count down . The corrective move up has overlaps and can be counted as an abc up.

In this count if the upward abc correction is complete,  risk of an accelerating move down is very high from here, in ether a 3wave of larger degree or ( less likely) a C wave.

Weekly
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The next major support (really has to hold for the bulls) is 12017. An accelerating 3 down will go through that like butter.

Next few days ought to be " inerestin".

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