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European Debt: An Elliott Wave Perspective

Is it over yet? $$

July 22, 2009 at 9:11 pm | Trade Artist | Comments 0
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Well the market made a new high yet again and appears to be running out of steam as almost all momentum indicators are screaming ‘NEGATIVE DIVERGENCE’! Let’s see if tomorrow brings any selling and once we can confirm the down move has begun I will post some targets. If the down move were to start from today’s high my first target would be the 38.2% retracement at $92.66. When the market acts this bullish any pullback may be short-lived, but if we get a deeper correction, the 50% and 61.8% retracement line up nicely with the 7/15 gap.

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