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Wednesday, September 17, 2014

Elliott Wave Update ~ 17 September 2014

Technically the market is ripe for a huge decline. Divergences all over the place. Weakness in the advance/decline line. But most importantly, the wave structure is very ripe.

SPX count:

Wilshire could be a leading diagonal or in the same count as the SPX.
Arguably the dollar is trying and perhaps succeeding to break long-term resistance. Lets see if it can hold its elevated price.

Tuesday, September 16, 2014

Elliott Wave Update ~ 16 September 2014

We'll use the Wilshire5000 for the short term squiggle counts. I think it gives better clarity at this moment.

It is, in effect, the same overall count as the SPX. However the Wilshire gives us better starting and ending points. For instance today the Wilshire reached a lower low before bouncing while the SPX did not. That gives us a better location to mark the start of wave counts.

We have a couple of top squiggle options. Yesterday's post showed the SPX. Today we'll show the Wilshire in the same squiggle options.

Leading Diagonal count:
Or end of wave iv low and now wave v to new highs or an attempt at new highs?
The Wilshire 2 hour chart gives the larger perspective:

Monday, September 15, 2014

Elliott Wave Update ~ 15 September 2014

Some squiggle possibilities.

Friday, September 12, 2014

Elliott Wave Update ~ 12 September 2014

Leading diagonal triangle?
And the short term bullish potential of the squiggles takes the market to nominal new highs if today's low was wave iv.

Thursday, September 11, 2014

Elliott Wave Update ~ 11 September 2014

How about we label 1982 as a wave iv low and dare the market to go lower? 2014 projected top.

Wednesday, September 10, 2014

Elliott Wave Update ~ 10 September 2014

If today was wave iv of (v) of [v] then the target for v has been lowered to around 2014 SPX.

Tuesday, September 9, 2014

Elliott Wave Update ~ 9 September 2014

Short term, the SPX has lost 1990 support and closed under it.  Weak price action. We'll see what happens tomorrow.  There are still short term wave options but both time and number of options are running out.
Robert Prechter of Elliott Wave International just posted another FANTASTIC EW Theorist newsletter. You can access Elliott Wave International by clicking on my links to the left. Become a FREE Club EWI member and get tons of free stuff. (If you then decide to try out the EW Theorist monthly newsletter, I get a small commission if you registered to EWI via my web links).

The major item Prechter showed was that numerous Fibonacci relationships exists from the beginning of Supercyle wave [III] - founding of the United States in 1788 when US Constitution was ratified.(Fibonacci 233 years) - until the year 2021 (+- 1 year).  This predicts that cycle wave c low of Supercyle wave (a) may bottom then.  There also exists a potential for a major low in early 2016 based on shorter cycles. This may be the low of Primary wave [1] of cycle c which in itself, would be a dramatic drop considering how high the market has come since the dog days of 2011 - 2012.

A chart below suggests how this might play out. Cycle wave c of (a) is supposed to be a [5] primary wave move down to finish out an expanded (a) flat. It "looks" right.
Forgot the updated GDOW chart: