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Wednesday, June 3, 2015

Elliott Wave Update ~ 3 June 2015

Our wave count is holding up still.

Wave (a) of the proposed [b] of 5 triangle dipped fairly low in price/pattern (and could conceivably be interpreted as impulsive down) so overall confidence in the triangle pattern is a smidgen suspect.  If it completely broke down and prices plunged that would not surprise me. But yet the best count has the market attempting new highs still.  Thus we have the count labeled the way we do.
Also time-wise, wave 5 would look perfect taking more time as is projected as compared to waves 1 and 3. So we'll keep the count as primary because that's the best count option both short, medium and long term.
And here is long term count. Doing the best with what we got.
30 year shows a 5 wave impulse pattern from the all time low. That indicates the overall largest trend degree is likely up.
10 year also spiked higher. Our debt load cannot handle a shock to interests rates. I always said that would be the unraveling of the Ponzi in bonds. I still believe it to be true.
Negative divergence stills exists technically.

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