Closer to satisfying price target, but structure lacking


The market moved higher today, exceeding yesterday's high and coming closer to reaching the .764 retrace at 6913.50 that has been discussed as a target for the b-wave bounce.

However, by continuing directly higher, price has left us with a less than satisfying wave (iv) of c, being such a shallow and short-lived pullback that finished yesterday morning. Therefore, it looks easily as likely that price is instead just extending a little bit further in wave (iii) of c and another (iv)-(v) will still follow.

Either way, 6885.75 - 6932.25 is fib resistance where the next local top is expected to form, whether that is just wave (iii) of c completing or all of wave c of B.

ESM26 - Micro - Apr-09 1209 PM (1 hour)
ESM26 - Micro - Apr-09 1209 PM (1 hour)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.


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