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Tuesday, July 21, 2015

Elliott Wave Update ~ 21 July 2015

The ideal wave pattern would be an ending diagonal triangle. I speculated that the triangle wedge had ended where BLUE 3 is marked but alas the market never collapsed in price due to exhaustion. So one must assume that the ED wedge triangle is not yet finished.

An ideal wave count for the last squiggles would look something like this:

Zooming in we can see the count:
The same chart but with overlays illustrating the market's tendency to alternate between simple and complex wave structures:
The DJIA shown in the same count:
Channels. You can see if there is any appreciable market weakness, prices will not only likely break through the lower blue channel, but the longer-term green channel as well.  Which would of course likely take prices down to the red line and lower black channel line.
Speaking of channel lines:
6 month yield count is technically setting up much like the way the dollar did:
The dollar chart. Looks a lot like that 6 month yield setup above:



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