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Wednesday, April 17, 2013

Elliott Wave Update ~ 17 April 2013

Hochberg of EWI had an excellent update tonight. His primary count has wave [i] low today whereas this blog's count has a series of ones and twos down.  But his main point is that the market will figure out the short term squiggles because the overwhelming evidence is that the market has topped in cycle wave b and the trend is down from here. So patience is required.

I can only add that when the bigger "panic" selling moments occur - if they occur - , they will be easy to spot. These major moments of panic selling will help identify key points of the overall larger wave structure based on the level of the selling , technicals, sentiment, and such.  We can only present the short term squiggles as best they fit into the most EW rules and guidelines as each day plays out. In the end, it works itself out.

The primary count is that a big "third of a third" panic of a larger degree Minor 1 is nearer than we suspect. The blue channel is perhaps forming a "base channel". Wave [iii] down would of course crash through this down-sloping  base channel.

The top alternate count is that of course today is Minute [i] low and a significant rebound will occur from here.

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