Elliott Wave 5.0 "Reboot"

Friday, March 18, 2016

Mini DJIA Intraday Bull Market Review:

All my indices are moving forward to the June contract months. 
The bottom left shows the lack of activity at that time, but I try to stay at a consistent 500 bars when I can.  With only one trend line, we can see that the DJIA has broken through it, but that can happen anytime a potential expanded pattern could be in progress.  

It would be nice to see a correction before this market pushes to a new leg to the upside. It would also help to keep this impulse alive a little longer. If the expanded correction does not pan out, then an extension is the other option. 

No parallel trend lines will work with this setup  and I refuse to constantly force throw-overs and throw-under trend lines, as I think they are extremely subjective.  In a bullish phase the top trend line is more important than the bottom as the top will give you an early warning when the markets are ready to roll over.  When they do roll over the present trend line will not hold support.