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Tuesday, March 24, 2020

Elliott Wave Update ~ 24 March 2020

Primary count is that Minor wave 4 of (1) is tracing out and once complete, the market will make a lower low to complete wave 5 of (1). This scenario would be ideal but its not required as there are enough waves in place to consider Intermediate (1) complete. This would also close the huge gap up created today.

However, today was clearly a 90% up day all around in both volume and advancers vs decliners on the NYSE. There are signs of buying enthusiasm and as was suggested last week, the market may be exhausting itself for selling.

We'll see if we get the last wave down to complete the "panic".
As also was suggested, there is significant price support and the market seems to have found that and bounced nicely. Another lower low would likely be a retest of that support and mark the bottom of (1).  Usually we can count intermediate sized waves on the weekly so another blip down would make this more satisfyingly. We can barely see wave 2 of (1), but its discernable. Wave 4 of (1) is not yet discernable.
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