Behold the picture of prospective swings upcoming, as fitting so many words describing the same on Friday...
Seeing momentum (bottom panel) now turning down ... and projecting it to fall below its low registered during formation of wave 2 of (c) ... and with room presently to roam lower on the positive side of its range ... it seems wave e of 4 of (c) might take some time to develop.
With declining momentum now also finding relative strength weakening to the sell-side of its range, odds are the turn from May 2nd peak is not yet complete. So, in a prospectively drawn out manner might wave e of 4 break below the lower boundary of an Elliott corrective triangle ("contracting") forming since early-November 2010 ... and in so doing carry momentum (bottom panel) below its late-August 2010 low (as wave 2 of (c) completed).
Now, if wave 5 of (c) should prove a so-called "failure," then it seems possible that, momentum might never reach back into the positive side of its range during wave 5's formation. That certainly would be a fitting precursor to disaster slated to follow.
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