Custom Search

Tuesday, September 10, 2019

Elliott Wave Update ~ 10 September 2019

The market doesn't really have any clear cut wave structure primary count. The last update showed a very nice triangle but that was so obvious that it didn't pan out. Triangles are usually more subtle.  All I can post is some trendlines, channel lines, and other such potential triangles for the short/medium term.
However, the longer term count hasn't changed. It is implied that eventually a higher market high will occur no matter the short term gyrations.

Wednesday, September 4, 2019

Elliott Wave Update ~ 4 September 2019

It has been triangulating. That would imply its consolidating for a thrust downward.
Which also implies that the short term is corrective and thus the intermediate is to finish the wave structure higher.

Tuesday, August 27, 2019

Elliott Wave Update ~ 27 August 2019

Dog days of summer. Yes the market has been gyrating a bit but in the scheme of the bigger picture the trading ranges that have been established are well intact.

There isn't a great short or medium term count so I haven't posted one in a while. At these times its best to use trendlines, support, resistance, and channels to feel where we may be in the short term.

Red circle is still a  probable target. If not then some kind of triangle is forming that keeps prices above the June 2019 28.1K price pivot low.

Long term count still supposes major support is kept and the market eventually works toward another breakout to finish [5] long term.

Friday, August 9, 2019

Elliott Wave Update ~ 9 August 2019

Gold fulfilled the long predicted blue box retrace area.
The Fed is going to cut rates again because they follow the market.

Wednesday, July 31, 2019

Elliott Wave Update ~ 31 July 2019

The thing that still strikes me most is how overbought the market in early 2018 had become on a weekly basis. This best fits into a subwave three peak within a wave three. That would be [iii] of 5 of (3) in this case.  It seems the last 18 months the market has been working off that extreme overbought situation thereby setting itself up for one final push in what we have labeled wave 3 of (5).

Amazingly the overbought has been worked off and prices are higher than the peak overbought price of early 2018. Hence the overall primary count.

However we may get some sharp weakness and selling first to form wave [ii] of 3 first. I have no decent subwave count just yet.   We just have to be patient.
In log scale the waveform looks a bit different. Some would argue its actually a huge double zigzag since the 2009 low because it has 3 major correctives rather than an impulse 5 wave move which has only 2. And I wouldn't argue. I have made many a point that this entire rise since 2009 is built on a huge "B" wave and not a true impulse which makes it a gigantic corrective wave in social mood which implies social mood is still quite sour and merely taking a break prior to the real dirty civil war which seems a course this nation is headed. Who can argue that it is not a corrective?

In any case it matters not. The outcome seems the same. We peak and then the collapse.
Gold looks like a good count:
Or something more drawn out:

Monday, July 15, 2019

Elliott Wave Update ~ 15 July 2019

Still the primary count. Don't have a good squiggle option at the moment.