Daily ALSI Chart pattern , shows interesting Elliot wave pattern. This wave up could be short covering, which means wave C all the way down to 45690 still to come. This ABC pattern will be negated with a move above the high of 49519 to 50 000 and beyond and confirmed if it trades down below 47233. Based on this pattern, I am selling and will buy if we trade down to 45690 with support.
Rams, if I look at the Aspen daily graph since June 2014 for eg., I see an Elliot wave being completed. The last wave (C)against the main trend with a new cycle perhaps to begin? Would that be a fair assessment?
Todays move could be end of wave "B" with a sell off next week to start wave "C" down OR a move up next week to take out 49519 to end the corection. (ALSI daily). I have already exited most of my long positions, and in cash until this pattern is completed.