SKF (Ultra Short Financials ETF) Elliott Wave Analysis

SKF's (Ultra Short Financials ETF) huge decline that bottomed in early August was probably a Wave A type decline, see http://stockcharts.com/charts/gallery.html?skf. The anemic bounce since early August, that probably peaked (channel/uptrend broke down, and, an anemic Elliott Wave 12345 up down up down up pattern occurred), was probably a countertrend Wave B type rebound.

SKF will probably fall well below 100 in a Wave C type crash in the next week or two. SKF created a bearish breakaway gap at 126.40 at today 8-28's open, see http://finance.yahoo.com/q/ta?s=skf&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=.

.......http://www.JoeFRocks.com/