I personally look at not only the wave structure or pattern, but how impulsive or corrective in nature or structure it is. Those most impulsive ones are never seen in a corretive wave, yet there are impulsive waves in corrective waves. An analyst must address this in their analysis if they want to stay on top of all the little changes for day trading. It is not critical to long term or longer term swing trading.

Well, today came just short of our 1283 target. Do not be fooled it may still take a stab at it. The end of the day is unfolding an fourth wave that is going deep to create a failure wave or barely new highs. Which would then tag the 1283.

To help out notice what the chart has labeled an double four wave. This pattern is the middle of a third wave. All it is, is an -3-4- and -3-4- of different wave levels. So that means the pattern needs a wave four to complete the pattern. Weather the fifth wave is an failure or not, is to be determined.

So I have a question mark up there as this wave has not been determined finished by pattern.

I hope you have been following along on these wave patterns an see the contrarian/alternating nature they are. Every wave pattern different then the previous, but yet with in the loose confines of Elliott Wave Principles. Perfectionists not allowed here without loosing there ever-loving-mind.

Tomorrow could be another up down day as it finishes up the fifth wave and starts a smaller wave -1-2- and maybe even a smaller -1-2- pattern. In other words 1265 will most likely be the bottom of tomorrow.

Study your wave patterns so you know which are which. In the box is a very familar one to me and easy to recognize to say the least when one has understands the pattern.

First move up is wave -a- the jaunt down is wave -b-, then going up wave -2- is missing in the -c- wave but then you see the huge -4- wave and of course the peak is wave -5-. An analyst has to know these. As they are very beneficial in establishing wave counts. The more patterns one recognizes the easier the labeling is.

Personally, I am going to sit tomorrow out from trading. I feel exhausted, which is mostly caused from slow moving markets that have happened over the last few days.

charleydan
www.sillywaves.blogspot.com