Elliott Wave 5.0 "Reboot"

Friday, February 19, 2016

Mini DJIA Intraday Review: Another Leg Down Or Just A Correction?



I sure can't fit this into an impulse decline as up at my top the waves overlap. Now we have had another very rapid rise, which does look very impulsive. After a correction the markets can head north one more time. 

That would be the easy answer as the DJIA did not finish a new record low, like some other indices did. This could all be part of an expanded 4th wave and what has just finished was a mini "C" wave bull market. To help confirm all this the DJIA must eventually break to the downside and record a new record low for 2016. 

I also have many gaps below that need filling so they act like a magnetic draw for prices.  A 50 or 60% retracement would not be unreasonable if it were to crank back up, next week. After all, it's the full moon early next week and many times they have been bullish in the past.