As you know I use Elliot Wave only as a general guideline to where markets are in their respective cycles.
While Elliot Wave is without a doubt one of the hardest techniques to master on a full time basis, it offers traders like us the best way of seeing where we should be in the current cycle.
With that in mind, the analysis of the market structure confirms to a tee exactly what our technical models are telling us. The market is at or very very close to a major low and a strong rally is eminent.
The rally we should get in here is going to tell us alot about the character of this market.
Do not expect the market to take off and never look back as the first move off the lows will probably be sharp and quick, but it will be tested back to the lows before the major rally begins.
This analysis simply confirms the fact that the market is in a buying area right now, not an area to unload your positions.
Take a look at the chart as it fits very nicely with everything we are currently seeing in the markets.