Elliott Wave 5.0 "Reboot"

Wednesday, March 9, 2016

E-Mini SP500 Intraday Correction Review

At this point the Mini SP500 is still crashing and since the previous little rally looked like a "C" wave bull market. It would have to break support and clear the bottom of the "C" wave start.  I can't really call it a correction as those diagonal "C" wave declines can start off just like this. 

Anything below 1970 would be critical to watch,  as that would start to dip into the top of my wave 1 in Minuette degree, which peaked back on February the 26th. Maybe we will know more by the end of this week. Besides the new moon just starting I understand we are getting an eclipse as well. 

Short term I am bearish, but be prepared to look for a reversal in the 4th wave scenario plays out.