Elliott Wave Update ~ 7 August 2013

Wednesday, August 7, 2013

We have a very decent 5 wave move down from the top. There is an open gap way up high.

Via Sentiment Trader, Rydex leveraged funds at a bullish extreme so quickly again.

 

Tuesday, August 6, 2013

Tomorrow should be a key day in the outcome of the wave count. Today's down move could be considered a small degree wave iii but we need a lower low to confirm a 5 wave move down and hence a trend change.

The larger backdrop shows a very nice - perhaps completed - 5 Minute waves to the recent peak.