by Avi Gilburt, ElliottWaveTrader.net
Tuesday October 22nd 2013
Based upon the manner in which the market came back today, I am still uncertain if this wave has indeed topped. The TF seems to suggest it has, and this move higher can either be a b-wave or a wave 2 retrace in the ES (only if it maintains below the prior high for a wave 2).
If we have indeed topped, tomorrow should be a down day. And, based upon where we have topped, I have modified the Fib levels ever so slightly to account for this top at a 1.236 extension based upon the modifiied placement of wave 2 in green. However, if the market continues up to the 1763ES region into tomorrow, then I will revert back to the old placement for wave 2 in green.
But, it is in this region that the bulls and bears will likely fight it out over the next few days, and as long as we hold over 1726ES, then the bulls will likely take the market up towards 1800. If not, and we see a strong break below 1726, with confirmation below 1717ES, it is a strong indication that the market has indeed topped in a larger degree top.
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