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Friday, October 10, 2014

Elliott Wave Update ~ 10 October 2014

2 charts suggest the drop from peak will be harsh and quick. So far, that seems to have been the case.

The first is the ending diagonal triangle wedge in the DJIA. The largest ever in the history of the markets. Closed solidly beneath its lower trendline.
The next is the SPX weekly. The proposed count has been an extended Minor wave 5. This pattern also suggests a price collapse due to exhaustion. So far it is working out.
Possible squiggle count. Of course if the count is somewhat accurate, then the "third of a third" is nearly upon us. That should be the 'oh shit" moment in heavy selling breaking all upper support.

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