Elliott Wave Analysis for the Week Ahead
07/12/2010 11:38 am EST
When you look at my weekly chart, you will see that my overarching scenario is bullish. Now, that doesn’t mean we won’t see some correction along the way, so we have to be on our trading toes! The first chart is an updated weekly view. In this time frame, this is the default count by the GET software. If I switch to the daily time frame, it counts the impulsive move as complete! For now, I’m going to go with the bullish scenario that I see on the weekly chart. If we break the W4 low (1006), then all bets are off and I’ll run for my bear hat.
This chart looks at all the Fibonacci levels that ES will have to deal with if it is in a W5 and heading for new highs.
And then we have the lowest time frame that I consider relevant for my analysis. I think that on Monday, we will either correct at the 62% retracement (1081-ish) or make a run for the green line in the mid- to upper- 1090′s. At some point, ES should need to take a breather, so beware. Good luck trading this week! I’ll update as ES gives more data to work with that may tweak or change my opinion.
By the Staff at Value of Perfect Information
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