by Avi Gilburt, ElliottWaveTrader.net
Monday November 4th 2013
All day long, the market toyed in the resistance region between 1761-64ES. Unfortunately, even though we have been looking for it, we did not get a solid 5 waves up YET to signal that wave 4 has ended. So, at this time, unless the market can complete a 5th wave up to the 1764ES region, and maintain support over 1756ES at all times, we are likely heading down to the 1740ES region next to complete wave 4.
For now, our primary levels of support remain 1758ES and 1755/56ES. It will take a break below 1755ES that will open the door to the 1740ES region in a more complex 4th wave pattern. Holding support over that region will point us towards the 1780ES region within the next few days.
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