Monday, October 13, 2014

Elliott wave analysis - Ending diagonal support-line broken

Dow Jones Industrial - The ending diagonal support-line has been broken 
The ending diagonal support-line was broken at Fridays close and that calls for a decline to at least the origin of the ending diagonal at 14,719, but I will be looking for a much larger decline as wave E of  the expanded triangle should move below the March 2009 low at 6,470.11.
See my long term count from March 2012 here this count has served me well and kept me on the right track.
I have added the Detrend Oscillator as the support-line here broke to for the first time since the March 2009 low also confirming a long term change in the trend. 
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