by Avi Gilburt, ElliottWaveTrader.net
Tuesday October 29th 2013
As I said earlier today, we have now reached our target for today of the 1767/68 region. Assuming we are completing an ED for wave v of 3, then we should see a strong reversal. The inability of the market to then break 1758 and 1755ES would signal that we may be targeting the 1.618 extension at 1777ES region, and that can be within the next two days if we continue higher.
So, again, resistance is now 1767/68 followed by 1777ES. Support remains 1758ES, with 1755ES below that. We need a minimum break of 1758ES to even begin to signal that wave 4 has begun. Otherwise, 1777ES is going to be the next target.
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