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Thursday, February 11, 2016

Elliott Wave Update 11 February 2016

Lets review what we have so far. The market has dropped in a 5 wave pattern from peak to mark the end of Minor wave 1 in September. It then rallied in a 3 wave pattern to form Minor wave 2.  After that peak, it dropped to lower lows again in a 5 wave pattern to today's low.  Today may mark the price low of Minute wave [i] of Minor 3 down.

Therefore the wave count allows for a very aggressive rally from here to form Minute [ii]. It does not have to happen, but it would be ideal if it did.
A more detailed look at Minute [i] of Minor 3 down. Note that wave (v) of [i] has a bit of overlap in waves i and iv. That could portend a very sharp rally.
Weekly:
Global Dow is pretty much the same count.
I mentioned the other day that it appeared the ending diagonal triangle in gold had ended and therefore expect a sharp price rise to the upside. Looks like that's what we are getting.
Long term count shows the potential of a significant gold rally from here.

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