Some Ellioticians have called the 2009 low a generational bottom and open the possibility that the Dow is in an expanded flat formation.
Wave B could be 1.236 or 1.382 of A in an expanded flat, with a target for B at 13292 or 13590. B should stop near 13600 for this being true.
Of the Dow groups, Basic materials looks the weakest with the likelihood of B wave already ended. My stop for this week is at 283.16, any daily close below this level is a strong signal of a change of trend.
30 minutes Basic materials already in a downtrend
- ► 2013 (13)
- ▼ February (13)
- ► 2011 (29)
- ► 2010 (24)