The bull and bear tug-of-war continues as trading continues to contract...
The market continues to find support at critical price levels keeping one last big rally alive The question remains....can markets over-look, and hope, all of the world problems will calm down long enough for one last rally to an All-Time-High. Today's rally completed a five wave impulse shown on the chart under our primary count as wave (ii). Under this scenario the market competed wave C of an A-B-C corrective wave (2) at the high several weeks ago. Since then the decline in price is forming an Elliott series of ones and twos. The first decline was "minute" wave [i] off the high that was followed by the wave [ii] correction. Last week we got the next leg down as wave (i) and today's rally may have completed the waves a-b and c for wave (ii). A decline now as wave-i of (iii) below the recent wave (i) low followed by a brief wave-ii correction will confirm the one's and two's are complete and the first third of a third wave down as wave-iii of (iii) of ...