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Thursday, July 21, 2016

Elliott Wave Update 21 July 2016

GDOW is significant in that the wave [A] peak has been breeched by the recent downturn marked at 2033 labeled (1) down. So by Elliott Wave rule, the GDOW primary count cannot be a wave 5 of any degree going to new highs.  It would have to be something else. This is why we should pause on the U.S.market counts for now.
The same overlap does not exist on the NYSE yet it is still lagging badly. yet the count allows for an alternate that it can make a new high and then we would probably label it as a large 5 wave move since its 2009 low.
A curious pattern in the DJIA. We'll keep an eye on it.
Everybody talks of a breakout but the "total" market - Wilshire 5000 - is back beneath its 2015 highs. Yet the Wilshire rise since the low earlier this year is an unsatisfying count at the moment.  It cannot be resolved neatly in its current form unless my wave labels of (1) and (2) are accurate which implies a whole lot more rallying will occur the rest of this year. In any case, there is more work to be done probably to resolve things one way or another. 

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