General overview for 05/09/2016:
As anticipated many months ago the top of the wave C of the wave 4 had been established at the level of 195.93. Since then the market has been in a down ward wave progression, where another five waves had been made. The bottom of this progression looks to be at the level of 128.75 and now the market is in the corrective cycle. The best-fitting Elliott wave count is an (a)(b)(c) Zig-Zag pattern with currently unfinished wave (c). The projected target for an ideal termination level for wave (c) is 50%Fibo at the level of 144.44. Nevertheless, the current horizontal wave progression might evolve into more complex and time-consuming pattern, like double/triple Zig-Zag or any other complex WXYZ pattern.
128.75 – Long Term Bottom
136.85 – Wave iv Support
138.84 – Wave (3) Top
140.75 – 38%Fibo
144.44 – 50%Fibo
There are no visible clues regarding the down trend reversal in the higher time frames as there is one more wave to the downside to made. Bias is still sideways/bearish*.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.