Best reading of the cycle suggests the decline to 1105.9 ended wave ((W)), then the index bounced in wave ((X)) to 1193.85. From this level, the index has resumed the decline lower with the first leg of the decline wave (W) completed at 1078.63. Wave (X) bounce is currently in progress in 3, 7, or 11 swing. Most aggressive view suggests wave (X) bounce is unfolding as a double corrective structure WXY where wave W ended at 1103.7, wave X ended at 1083.9, and wave Y is in progress towards 1108.28 – 1114.17 to complete wave (X). From this area, the decline can resume either to new low or at least 3 waves reaction lower. Although wave (X) bounce can further extend in 7 or 11 swing, as far as 1193.85 pivot stays intact, expect the index to continue the decline lower once wave (X) is complete in 3, 7, or 11 swing. We don’t like buying the proposed wave (X) bounce.
At EWF we offer 24 hour coverage of 42 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything EWF has to offer! We are currently also running 30% promotion on Platinum Plan, valid for new members only.
Back