Friday, February 5, 2010

Elliott Wave Count 4 February 2010

Well... now the action from the possible wave 2 top looks motive... : )

The markets had their worst day since the top in mid January today dropping more than 3 %! As I've said yesterday as soon as the market drops below the wave 1 low wave 3 should be underway.

We got a clear break of that low thus I think that wave 3 is underway. Usually wave 3 is 1.62 times as long as wave 1; this gives us a target of 980ish. Stops are placed above the wave 2 top at 1105.