The index is dancing on the 50% Fibonacci's retracement, and, in terms of volume, is visible the effect of the short week.
Preferred scenario: the market is in wave b of an irregular Elliott wave pattern a-b-c of wave [2] ; I'm waiting for a downward c wave close to 1377 to 1372.
1° Alternate scenario; the wave of minuette degree is not wave [2] but wave [b] , so the underlying trend is yet bearish.
2° Alternate scenario; the market is already on the wave [3] , and is possible a retracement in wave 2.
Therefore, the common factor in all 3 scenarios is a pullback, but care must be taken because the market is in time zone of Follow Through Day.
Have a great trading day...with care!
ElwaveSurfer
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.