Elliot wave forex analysis can be applied to the stock market as well. All of the international markets are linked in complex ways, so those who trade forex need to keep their eye on the technicals in other major markets at all times. For example, the DJIA remains one popular and accurate gauge of risk appetite in the capital markets.
The dramatic turn lower in this market has coincided with similar moves in some forex pairs that also correspond with risk, such as AUD/USD and NZD/USD. So if we apply Elliott wave analysis to the DJIA to predict where we go from here, we can see a 5 wave decline from the top is required in order to confirm that the larger trend has turned down. So far, there are only 3 waves but the third is now 161.8% of the first wave. This is common for impulses (5 wave patterns).
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