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Wednesday, May 13, 2015

Elliott Wave Update ~ 13 May 2015

Triangles and ending diagonal triangles always try to hide their hands.  A careful count however can aid things.

Its still entirely possible the whole mess since last year counts as a massive ending diagonal triangle.  Ending triangles are labeled internally [a]-[b]-[c] - (using Minuette degree for my explanation because the chart below is labeled as Minuette degree for the internal structures).

Ending Diagonal Triangles represents the market's inability to continue producing clean 5 wave impulse patterns up.  The loss of momentum gets sluggish at the top is the theory. There is still overall five waves for the ending diagonal triangle however, waves 1,3, and 5 internally will be labeled 5-3-5, [a]-[b]-[c] zigzags. The correction waves 2 and 4 should also be labeled 5-3-5, [a]-[b]-[c] zizgags.

This chart below is labeled in accordance with the guidelines described above.
If the chart above is correct in its assumption, we have a pretty good idea that Minor (blue) wave 3 has topped. The remaining clues are to define the exact spot of Minor (blue) wave 4 low, Minor 4 may have already occurred however we have to allow more leeway.  Once we can nail wave 4, its merely a matter of counting the final [a]-[b]-[c] Minor 5 to the expected top of the pattern.

Overall the Wilshire might count like this:
We shall have an answer in the coming days and weeks ahead.
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