YouTube video - Nasdaq E-mini - March 3, 2011 - 90m candles - The correction needs one more wave down to complete . .

One little correction to what I said in this video: From my February 23 Pink wave A label, the wave "a" orange that immediately follows breaks down into a 3, not a 5.

Also, please note, if price moves above 2403 before it moves below 2285, wave 2 blue almost certainly ended on February 23rd, and wave 3 blue of wave 3 black is likely underway, and should exhibit intense upward movement . .

I've made the script from the above video available below, so those of you who prefer a language other than English may use a translation program to follow along:

Hi, This is Sid from ElliottWavePredictions.com, with a short update on the Nasdaq, and how I am counting the Elliott Waves on this 90 minute chart. As my earlier posts regarding my long term count showed, I believe this February 16 high is a blue wave 1 within a black (intermediate) wave 3 to the upside.

As bullish as that sounds, I don't think this little correction we're in is complete, and here is how I'm counting it, and what I think is likely to therefore occur. Critical to the count is how this downward wave from February 16th thru February 23rd breaks down. I think it counts best as a 5 wave impulse.

This is followed by what I am counting as a yet incomplete "double three" combination correction, with an expanded flat for wave W green, a zigzag for wave X green, and a zigzag for wave Y green to complete wave B pink, which may not finish until the end of trading this week.

Those corrective waves subdivide as follows . . . .

When compete, this wave B pink should be followed by 5 green waves down to complete wave C pink, and possibly wave 2 blue as well. That downward move, if this all started with an impulse 5-wave pink wave A, must end at least below that extreme, so that would take us under 2285.

Also worth noting is that traders will be starting to roll their stock market futures contracts forward from the March to the June expiration contracts next week. I believe that many traders, rather than simply taking profits on their longs, and then blindly re-entering a new long position at whatever the current price level is, will consider taking profits here, and waiting for a better entry point to get long again. This could create the one-sided selling needed to get down to the 2285 level or below, which will complete the Elliott Wave corrective pattern.

Disclaimer: My posts are for educational purposes only, and are not intended as recommendation for trades and/or investments.

This is Sid from ElliottWavePredictions.com. See ya soon!