We have had two downtrending days since my last post. These postings will be a bit less frequent through the Holiday period.
Today I present another option for the Elliott Wave Count from the July high. It is also a bullish count for the near term (as actually the Contracting Triangle scenario was). In this count the market ended an a-b-c Expanded Flat pattern at the Thanksgiving (November 26) low. Wave “c” in this pattern was a five wave terminal impulse pattern. This option has been shown in this blog previously.
From the November low I now have wave 1’ and 2’ labeled, with wave 2’ being a large Expanded Flat. Some interesting relationships here:
1) wave 2’ ends at the 61.8% retracement area of wave 1’
Within wave 2’:
1) wave c” is 138.2% of wave b”
2) wave c” is 300% of wave a”
Additionally, note that both wave a” and c” are along the Gann Line shown by the down sloping red line. Let’s see what happens.
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