This chart comes courtesy of Rick Xiphos at Xiphos Trading. He says that assuming the 5-day downturn to start April was the corrective wave 4 of a standard 8-wave Elliot cycle, we could see a measured upside to ~1487. He goes on to say that if it was indeed wave 4, it happened in a very short amount of time, and I agree.
The next few days are going to be key. We've got CPI numbers and the Michigan sentiment due tomorrow, as well as a gauntlet of earnings. Not the least of which being Google later today. Interesting to note that in two days we've recovered all of Tuesday's losses.
Follow Rick and his tweets
@Xiphos_Trading.
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