Wednesday, May 19, 2010

Dow Jones ~ Elliott Wave Count 20 May 2010

Today, we completed an impulse that started yesterday and then began to rally.

Both counts are still valid. If today's low completed wave (i), wave (ii) should retrace about 50-62 %. In that area c of (ii) equals a of (ii), so that's the likely target for a second wave.

If it rallies more this may be the start of wave [iii] up. The bulls have to clear some strong resistances first though.

As I said yesterday the next days will be very interesting ; )