Nasdaq E-mini – February 22, 2011 – 360 minute candles. The initial confirmation of a trend change has arrived . .

Initial confirmation that a larger correction has commenced occured with the break below the extreme of orange wave one (the red line on the chart).  Additional confirmation will occur with the break and hold of the green trend line, which connects the extremes of waves 2 and 4 green within wave 5 pink. (For a table of the Elliott Wave degree-of-trend color codes I use, see http://elliottwavepredictions.com/?page_id=66).  If a break of the green trendline occurs, I will be expecting (at a minimum) a larger 3 wave (ABC) downside move, with a downside target of 2082 in the Nasdaq E-mini (futures symbol:  NQ).