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Tuesday, May 31, 2016

Elliott Wave Update 31 May 2016

Not much to add at this point. We are awaiting - for a long time now - on a more definitive wave count. Either the market makes a new all-time high, or it doesn't and makes a lower pivot low thereby helping to confirm one count or another. The Wilshire peaked in June last year almost a year ago and has some work left to make a new all-time high. The primary count is that it will not make a new all-time high.  We have proposed this many times in the past since 2009 and yet it always has eventually made a new high.  Will it this time?  If you go buy measures such as the NYAD advance/decline line it will make a new high.  If you go by other measures such as sentiment extremes long term in other areas maybe not. It is not cheap by any long -term measures.

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