There are 2 counts I am closely watching. The first count is that the market has topped and is merely tagging out a meandering wave [ii] flat.
The second count is an extended Minor wave 5 count. This is how you would properly count an extended wave 5. Basically the subwave Minute [v] of extended Minor 5 would also sport an extended count and look. One thing about this count is that once it has reached its terminus, a violent bearish reversal is in store.
This GDOW chart below is a textbook example of an extended wave five count into the 2007 top. And note the subsequent bearish exhaustive collapse.
Monday, March 31, 2014
Friday, March 28, 2014
Elliott Wave Update ~ 28 March 2014
[Update Sat 4:25 PM: I posted the wrong chart Friday night. The correct one is up now]
Wave structure is muddled. However, the tops of the various indexes are spread out. The market is currently fragmented which could indicate a major topping process (cycle wave b).
I re-drew the cycle wave channel line. Its more interesting this way and has more touch points.
Wave structure is muddled. However, the tops of the various indexes are spread out. The market is currently fragmented which could indicate a major topping process (cycle wave b).
I re-drew the cycle wave channel line. Its more interesting this way and has more touch points.
Thursday, March 27, 2014
Elliott Wave Update ~ 27 March 2014
Today was a bunch of sideways movement which could indicate a small degree wave [4]. Tomorrow's open should be telling. If prices go lower, than a 5 wave move will have occurred from the recent counter-trend high. If it opens higher and overlaps where red [1] is, then things get muddled for the bearish side.
Remember for the bearish side, we want to see 5 wave impulse moves at every degree of scale.
Remember for the bearish side, we want to see 5 wave impulse moves at every degree of scale.
Wednesday, March 26, 2014
Tuesday, March 25, 2014
Monday, March 24, 2014
Friday, March 21, 2014
Thursday, March 20, 2014
Wednesday, March 19, 2014
Tuesday, March 18, 2014
Monday, March 17, 2014
Sunday, March 16, 2014
Thursday, March 13, 2014
Wednesday, March 12, 2014
Elliott Wave Update ~ 12 March 2014
Sorry for the lack of posts this week but I am travelling and had laptop problems and just had no other time for alternate solutions. Problem is solved and I'll be back home Saturday.
And actually there is not much to add count-wise from last Thursday's update.
We still have what appears to be an incomplete pattern although I am leaning toward some kind of ending diagonal expanding triangle.
And actually there is not much to add count-wise from last Thursday's update.
We still have what appears to be an incomplete pattern although I am leaning toward some kind of ending diagonal expanding triangle.
Thursday, March 6, 2014
Elliott Wave Update ~ 6 March 2014
No good wave count here. But this pattern of an expanding wedge is worth noting.
Bigger picture count looks fine though.
Bigger picture count looks fine though.
Wednesday, March 5, 2014
Elliott Wave Update ~ 5 March 2014
It will take a close beneath Monday's strong open candle to consider a reversal. Monday is a "key marker" day in my estimation. The strong gap up day can only be nullified by a closing price that finishes beneath it.
Tuesday, March 4, 2014
Monday, March 3, 2014
Elliott Wave Update ~ 3 March 2014
The best count has the market topping last week.
And a first wave bottoming today
The best bullish (short term new top) alternative is that the market is tracing some kind of lurching, expanding ending diagonal triangle. This is not a great count, but we have seen this pattern at tops before. Right now I am just focusing on the potential pattern.
And a first wave bottoming today
The best bullish (short term new top) alternative is that the market is tracing some kind of lurching, expanding ending diagonal triangle. This is not a great count, but we have seen this pattern at tops before. Right now I am just focusing on the potential pattern.
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