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Monday, June 25, 2018

Elliott Wave Update ~ 25 June 2018

The triangle count no longer is the best count. Today's price drop violated several guidelines.  The top count is the wave (2) count having had peaked. Wave C of (2) is counted as the form of a rising overlapping wedge. This implies that prices will quickly collapse beneath the price point of where "B" is marked. Today was a good start in that regard. If prices don't collapse then the count is suspect. Wedges always resolve in a quick collapse of prices to beneath where the last wave structure started. This price point where the last wave started would be "B".
For the triangle count to still be in effect we would have to relabel it and allow some guideline violations. It would however allow for a longer timeline to peak, such as end of summer or toward election day even.
Eventually prices will violate one count or the other in such a way as to render the count broken. 5 months after the market peak in the Wilshire 5000 we are still only right in the middle of the trading range that the quick 2 week collapsed had created.

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