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Wednesday, April 8, 2020

Elliott Wave Update ~ 8 April 2020

Very robust market internals again today. There was over 90% up volume on the NYSE.  There are enough squiggles in place to say the count is finished, however due to the internals, we are going to assume wave (2) wants to retrace to a higher price as normal wave two's typically do.

The 1st chart shows that wave C = .618 of A more or less at today's high.

If the market were to trace C = A then the upper virgin space would be pierced and that would make for an ideal wave (2).

(Also, when I heard Cramer yesterday say "be patient and buy the dips, don't go chasing this market", we'll I figured there would be no dips to buy today. When Cramer screams "buy! buy! buy!" then we'll know wave (2) is likely over.)
The bull market channel line.
Charting the squiggles and some possibilities. Perhaps wave [b] is not yet over. I'm looking for some early weakness tomorrow to form a small wave pink (ii) or something other.  If we get huge weakness we are looking at a possible wave [b] flat. We'll see.




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