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Thursday, September 17, 2015

Elliott Wave Update ~ 17 September 2015

The market is no longer oversold on a short, medium or long term basis.  Prices have have retraced well above 50% which seems to indicate a wave 2 retrace. There may be some more left to go but it is not required. We didn't quite get the perfect triangle we were looking for. We did not get an (e) wave it appears

(It also appears I correctly surmised that the Fed would not raise rates today. The 3 month yield is only .06%. Well below .25% which - in my opinion - is what it is going to take to trigger a rate raise at the least. The 9-1 vote against raising rates confirms it)
I would not be surprised if the market tests the underside of the broken lower channel line. Of course I like to use the Wilshire because it produces the most excellent trendlines in my opinion. After all, it is pretty much the entire market which is ideal for tracking overall social mood patterns if you ask me.
And Global DOW captures nicely the social mood waves of the entire world collectively very nicely.
PS - I'm pushing Elliott Wave International FREE Club EWI again today. Their short and long term updates newsletters are well worth the money including Robert Prechter's EW Theorist. They talk not only wave counts, but economics, worldwide markets, bond counts, Gold and Silver counts and many other things that support the wave social mood counts.  CLICK MY LINKS to LEFT and sign up for FREE.  Then any product you may buy from them in the future I'll get a small commission. I currently have Short Term Update and Financial Forecast for the past 6 years.  I highly recommend their services.

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