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Monday, March 16, 2020

Elliott Wave Update ~ 16 March 2020

I keep trying to count the waves so that a big bounce (LOL - 2,000 pt isn't a big bounce?) is coming but I haven't really found the "third of a third" spot yet. So for now I'll count as if it hasn't come yet.

Therefore this wave count is the most immediate bearish. This supposes that the true panic spot of this 5 wave (BLUE) structure has yet to reveal its moment.  I probably made the wave count one size too small overall, but for today we'll keep it like this. I'll relabel it one degree higher tomorrow, I'll have more time and maybe we'll have more information on what the market intends to do over the next few days.
In log scale. Often the wave 1 - 2 channel will form and then the wave 3 channel breaks away from it and accelerates downward.

GOLD.
I was correct about the 1 point rate cut prediction. The market dictated it.
Look at the volume....Looks like a peak-type volume.

And again, I STRONGLY urge you to join CLUB ELLIOTT WAVE by clicking on my links to the left and subscribing to their wonderful products. (Then I get a small commission if you do!)


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