The Market’s Script (by AllAboutTrends)
Is The Market Following A Script? If you ask Elliott it is. From Our Recent Blog : “There is also a good possibility that the whole move down off the January highs traces out ABCDE (5 Waves down before all said and done). But we’ll take it a step at a time.” The S&P 500 chart below has more of a 3 waves (abc) look to it just like we talked about in advance to be on the lookout for. The only problem was it’s prime entry took place in the form of a gap and within minutes traced out the bulk of Thursday’s move. But still it’s all about trends and it’s locked in a downtrend channel. One look at last week’s action in the OTC Composite below (remember this area of the market always leads) has us seeing that of a potential 5 waves down that have taken place. Typically after a 5-waves down affair the next is a 3-waves up affair
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The Market’s Script (by AllAboutTrends)