Custom Search

Wednesday, July 27, 2016

Elliott Wave Update 27 July 2016

Interesting short term chart suggests a consolidation and pop higher. Not sure of the wave degree labels thats not important at the moment. But its interesting to note that Wilshire prices are not above the June 2015 high. (the Wilshire did squeak a new high recently in 2016 though) They are trying to pop over and breakout.  The wave count suggests it will happen at least for the short term.
This weekly gives you an idea of the resistance the total market is up against. The odds are in favor that it will indeed pop over resistance. And then it could run a bit more for sure.
Which implies this long term count below - which is Robert Prechter's primary count of Elliott Wave International (click my links to the left for free material if you become a club member - also free!) would pan out.

So around election time or maybe inauguration time (pick your conspiracy theory if you like!) they collapse the markets. Well anyway, the count would be due to reverse. Its been a tremendous rise since 2009.  It will be a speculator decline.
Yet its interesting the amount of disconnect between major US indices and other indices. So things are at a crossroads.
For instance the GDOW count - by Elliott Wave rule - cannot be in a wave 5 higher of any degree. So this gives serious pause to the idea of the markets drifting higher for a few months more as shown in the monthly Wilshire above.
30 Year:
6 month count. Major yield inversion coming?

blog comments powered by Disqus