Some reversal today, however, when all is said and done the market closed closed up 0. something %, so as anticipated previously, nothing dramatic. My concern is with the wave 4 failure. If this count is correct, is an area of strong selling, maybe some continuation of todays afternoon rally may overlap into the night session or early tomorrow. However, the Minor degree correction is complete and the intermediate is underway. This suggests the wave 4 failure area should be taken out with ease, but as I said, 'tis an area of concern. A break above 15680 will confirm we are in an Intermediate wave B which will drive prices back to the highs. A failure at 15680, or indeed the infamous wave 4 failure area, would strongly bring back into play the previously mentioned double or maybe triple zigzag , thus keeping us in the Minor correction. A bit confusing I know, but that's Elliott Waves )) As I said, don't try and trade complex corrections, go for the minute charts (1, 3, 5 or 15), just keep the current count in the back of your mind so you know when to expect possible reversals.
