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Wednesday, March 18, 2020

Elliott Wave Update ~ 18 March 2020

Ok, there is a lot going on this chart below. You'll note that the primary squiggle count has been updated. The waves have traced more evidence therefore we have put together the best count we can.

We suppose the market is tracing a series of wave fours at various degrees which accounts for the jagged mess over the last many days.

We have target boxes for Minor 4 and Minor 5 of (1). And then, in theory, the market should have exhausted itself and bounce for Intermediate (2).

The thin blue box area running at the 50% Fib is the proposed "virgin space" of the structure. (Also known as the "third of a third"). This is where no preceding price (in blue wave 1) nor after prices (in blue waves 3 and 4) trace through a second time.  Hence this is a space that is only punctured by prices once within a 5 wave structure. This often happens near the middle so that's why I projected a 50% Fib line through it.

However the "virgin space" is always the minimum target for the next corrective structure back up (in this case intermediate red (2).
The chart below is the most bearish. It is a secondary consideration but the chart above fits better as primary count.  But heck, we'll see what happens won't we? Either way, we have a ways to go I think to finish this first Intermediate wave structure.
Weekly chart with proposed updated primary count as shown in 1st chart above.  Note the significant price support the market is coming up on. Could be our potential wave (1) resting area.

Also note how the long term channel was smashed through as I suggested it would.


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