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Wednesday, April 1, 2020

Elliott Wave Update ~ 1 April 2020

As was stated yesterday, usually a B wave will retrace at least 38.2% of the rise. Today we got that as a minimum. This does not mean B wave is over.

We have a target box for B and a target box for C.

Note the top alt is that wave (2) already peaked and we are now in wave (3) down. However, despite the nearly 1000 Dow down day, internally on the NYSE the declining volume ended the day at 6.24:1.  A bad day for sure but not a 90% down day for volume. If that picks up and follows through with more down pressure, we might be in wave (3).

But for now, we'll keep the primary count the way it is.
Wave (2) target would be either one or both thin blue virgin wave spaces created in (1) down.
Finally, the other top alt count is that wave 4 of (1) peaked and we are now just going down to finish wave (1).  This is less favorable because the entire structure doesn't adhere to channeling guidelines when you inspect the structure closer (see 1st chart above).  There were just 50 bazillion, million people thrown out of work (worldwide), so we'll assume the market will continue to operate at a speedier timeline as outlined in my primary count(s) in the charts above.
Yesterday's CPCE. 5 and 10 day MA's have come well out of panic territory. Eventually the market is setting up for an even bigger panic once we confirm wave (3) down is in works. 

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