European Debt: An Elliott Wave Perspective

2009

July 13, 2009 at 10:31 pm | Trade Artist | Comments 2

I revised the wave count slightly which gives the recent C wave a little bit more room to rise. My main reason for doing so is because it appears we are tracing out a 3-3-5 corrective flat which is always countertrend meaning the next big move should be five waves to the downside. Goldman Sachs reports earnings before the open which may cause some volatility, but the news does not impact Elliott Wave patterns and you will find being able to have a sense for the current wave count makes heading into volatile markets such as earnings and Fed days all the more clear.

Filed Under: Market Overview

Tags: earnings • elliott wave • goldman sachs • spy • volatile markets • volatility • wave count • wave patterns

Comments (2)

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hi says:

July 14, 2009 at 11:51 am

So how much room do we give it before we assume that it’s still on the upside?

Reply
- Trade Artist says:
  
  July 14, 2009 at 6:45 pm
  
  I was going to give it until $91.38. As I write this however, the futures are up big and the SPY is bid at $91.43. If the strength holds into tomorrow’s close my bias may change. Elliott Wave aside, at the present time the hourly chart is extended and gapping up right into the 200-period moving average. This may bring some volume from the bears. I’m going to post a chart later tonight in reagrds to volume and why I think this rally will end sooner than later.
  
  Reply

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