Elliott Wave 5.0 "Reboot"

Thursday, April 7, 2016

Mini DJIA Intraday Price Action Review: Thrashing Around!



The Mini DJIA has been thrashing around, heading up and then heading down. The DJIA has now created a new low and I think there is still a bit more to go before another counter rally will happen. 

It sure looks like the DJIA fought through a 4th wave triangle so this alone will force a new degree upon us. This new degree level can be the start of the next 5 wave sequence which I have as 5 waves in Micro degree.  To confirm my potential "B" wave top I need a decline of 5 waves in Minute degree, so when we get a little further along I will look to adjust the degree of the wave count. 

At anytime the entire move can fail,  as there is no guarantee that the "B" wave top is correct in the first place. So far the SP500 seems to want to play along and the Nasdaq also took a strong hit. This is all good for my wave count at this time.