Wednesday, October 9, 2013
1600 will be extremely important as it is near the bottom of the white fork originating from the low of 2009. There will be plenty to write about if that support is broken. Let's just take it one support at a time.
On the top chart I have drawn a red fork and a yellow fork. These are alternatives to the initial confirmed gray fork. If the market continues to break down the gray fork widen probably widen into either the red or yellow fork. If this is an Elliott Wave 3d wave down then the accelerated yellow fork will prevail.
The candle sticks have been bearish since mid September and failed again to issue a buy after last Friday's Bullish Harami which failed to confirm when price broke below the low of that day.
Posted by Robert Campbell at 06:50