Thursday, January 3, 2013

Dow Jones - Elliott Wave Update

  1. I did a post on DJI earlier last year, refer it here. I was counting a DZZ in DJI, and was expecting another [a]-[b]-[c]. And it seems we are getting it as of now.
  2. An interesting pattern to spot is the wave [b] triangle in wave W. A similar triangle seems to have formed in wave [b] of Y. Yesterdays sharp up move may have signaled its completion.
  3. What now then, well as envisaged earlier this year, a move up in wave [c] of Y.
  4. The pattern is beautiful, and playing fair as well. I would not like to spoil the discussion by including targets and transform it into a forecast. 
  5. Right now I just want to enjoy the feeling of a great pattern unfolding in almost a copy book style.
  6. A caveat, as usual, any trading activity below the low of wave (c) of [b] of Y on above chart, should bring us back to the drawing board. Till then Enjoy!

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