4 hour chart updates the Elliott Wave count. Since the count posted on the weekend, yet another 5 waves down has completed, followed by 3 waves up, a structure that continues to define the trend as down at this time frame. The latest/current wave C could reach higher, but it is not required. So long as the wave ii high is not beaten, this wave count remains favoured as does its near term bearish implication.
Weekly chart zooms out to show that key trend line support is being tested. The black trend line forming part of the illustrated trend channel connects the lows of waves 2 and 4, while the purple line is more conventional, connecting the extremes.
Wednesday, 1 July 2015
The higher nearby trend line has been tested many times as support and then resistance, while the lower nearby trend line has been tested several times as support. A clean break of either would appear a key indicator of the next market trend.