Elliott Wave 5.0 "Reboot"

Friday, April 8, 2016

Mini DJIA Intraday Crash Review: Bull Trap, Bear Trap?

This mini DJIA took a big nose dive this morning, which can be a wave two bottom very easily. 
For now I will keep my wave 2 top in play until the next rally breaks the mold of an impulse. 

We need the markets to impress us in several ways, the obvious way is just to head south blasting through any support below, or a wave 2 bottom finds support and we continue with a good looking impulse wave 3-4-5. This would break the "B" wave top and another review would have to be initiated. 

I don't think the markets will move enough in the rest of the day, to show us a better picture. 

To keep my "B" wave top alive my wave count would require 5 waves down in Minute degree, but the highest I am showing is Subminuette degree wave 2.  Once this sequence all plays out, then I will also adjust my wave degree.  In the beginning, it is not critical what small degree I do use as long as it is small and stays well below my Minor degree "B" wave top.