Elliott Wave Update ~ 14 October 2019

Elliott Wave Update ~ 10 October 2019

Like an 18th century sailing ship floating in calm waters that has no wind.   Prices are at the point of where they were back in January 2018. Back down to the lower support circle to form a wave 2? Otherwise prices have held support in a multi-month triangle action. If the triangle holds, there should be a breakout higher.

As concerning social mood, it seems very, very negative at the moment particularly with the Trump impeachment frenzy reaching a crescendo. This seems to support that the long sideways 18-19+ month social mood correction (negative) is nearing its end and a breakout higher would be in order.

I'm most definitely not ruling out a sharp, shot down toward the lower blue circle area for starters in a big head fake. The long, long, term support is the red channel that is shown.

Elliott Wave Update ~ 23 September 2019

Still not a very good situation for a short/medium term count. The market is however near all-time highs holding support.

Elliott Wave Update ~ 10 September 2019

The market doesn't really have any clear cut wave structure primary count. The last update showed a very nice triangle but that was so obvious that it didn't pan out. Triangles are usually more subtle.  All I can post is some trendlines, channel lines, and other such potential triangles for the short/medium term.

However, the longer term count hasn't changed. It is implied that eventually a higher market high will occur no matter the short term gyrations.

Elliott Wave Update ~ 4 September 2019

It has been triangulating. That would imply its consolidating for a thrust downward.

Which also implies that the short term is corrective and thus the intermediate is to finish the wave structure higher.

Elliott Wave Update ~ 27 August 2019

Dog days of summer. Yes the market has been gyrating a bit but in the scheme of the bigger picture the trading ranges that have been established are well intact.

There isn't a great short or medium term count so I haven't posted one in a while. At these times its best to use trendlines, support, resistance, and channels to feel where we may be in the short term.

Red circle is still a  probable target. If not then some kind of triangle is forming that keeps prices above the June 2019 28.1K price pivot low.

Long term count still supposes major support is kept and the market eventually works toward another breakout to finish [5] long term.

Elliott Wave Update ~ 9 August 2019

Gold fulfilled the long predicted blue box retrace area.

The Fed is going to cut rates again because they follow the market.