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Tuesday, March 10, 2020

Elliott Wave Update ~ 10 March 2020

I've always said over the years that counting Elliott Waves is a logical endeavor that follows rules and guidelines.

Either THE TOP is in, or it isn't. We have to have counts that account for both possibilities.

The primary count is that wave (4) of (5) ended at the W-X-Y construct with a contracting triangle in the last position. This is Elliott Wave International's primary count and they pretty much nailed the turn and predicted the downdraft.  My count had supposed we would get a smaller correction and then peak in a few months forming a final set of subwaves. No matter, as we have a peak point to count downward from shall the market do so.

However the wave structure down is only 3 waves at this point.  Also the main channel formed from 2009 is clearly intact still.  So logically, IF this is the beginning of a superstructure downward, THEN the channel will eventually be smashed through to the downside in an even BIGGER wave event that would constitute the heart of a massive subwave 3 down.

The top alternate longer term count is that the channel holds and the market makes a new peak. The market however has sustained a lot of technical damage.
Speaking of Elliott Wave International, I highly recommend you click my links to them to the left and become a FREE club member. And then if you decide to buy one of their products, I get a small commission. This is an exciting time to be counting waves and they are the best by far.
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