Many price targets were met today previously mentioned and are worth noting for potential trading opportunities and continued confirmation or contradiction of Elliott Wave formations.
Trading in DRYS hit a daily low of 5.11. DRYS projected low was 5.13. This price target was mentioned after DryShips earnings to possibly be a wave 4 internal of a parent wave structure shown in this chart from the previous post on DRYS.
Yesterday, WATG bounced nicely off the 8.27 target late in the day. This was a projected 62% correction of a wave 1 from 6.58 to 11.69 mentioned in the previous post on WATG. This level didn’t hold up as it might have in WATG today with the markets lower on the surprise headline news of Korea crisis and all the rest.
Where WATG did trade so far is not yet a surprise. WATG traded to a low of 8.01 today. This is 7 cents off a projected wave 1 internal high of the parent wave 1 at 7.94. This shows support to the internal wave 1 structure wave count of parent wave 3.
LEAP wireless tested its wave 4 triangle E wave projected price zero point, trading to 11.41 on 11/16/10. After almost a 100% correction of the potential wave 1, LEAP then rebounded nicely to 12.10 just yesterday. LEAP made traders following a completed triangle trade setup nervous again today testing a possible internal wave 1 of 3 almost 100%, trading to a low of 11.47.