Monday, September 26, 2016

Equities Update

The INDU appears to be leading in terms of  pattern development on the charts. At least it's weaker.

click to enlarge
The Fib .618 retrace at 18033 is a critical hold for bulls, and an overlap targets at a minimum, the lows of the range at 17822.

Generally the comments from the last post Sept 13 hold,
"The above bounce is likely a 2 wave which is often a deep retrace of the 1st wave, it could well have another leg up, for an abc structure (or not).
Risk of an accelerating move down is high in this scenario, and extreme care should be taken.

If an Elliott Wave 5th wave of primary cycle degree is complete, even a normally modest .382 retrace will be dramatic."

In Dow terms that's around 14000.

No comments:

Post a Comment