BA - Corrective Decline

22 Tem 2015

The Elliott Wave structure of Boeing from the 158.83 high on February 20, 2015 is clearly not an impulse wave which means it must be viewed in the context of a correction. The structure also counts very nicely as a Double Three labeled WXY. Notice how MACD and RSI show momentum divergence from wave W to Y into the 200-day moving average and bounced from there. The rally from here IS impulsive which means the trend remains up. The bigger picture suggests this WXY is a 4th wave and we should be headed for new highs above 158.83 in a 5th wave. Invalidation of this idea is at the wave Y low of 138.44.