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Wednesday, May 1, 2013

Elliott Wave Update ~ 1 May 2013

Last night's update suggested a possible Ending Diagonal triangle pattern had developed and that it was nearing its end. Rapidly falling prices thereafter is the norm after such a pattern. So far, today's price action supports the notion that indeed an ED triangle had finished.
Again, here are the larger picture counts:

Long term, the best interpretation is that this is a cycle wave b - the largest and longest bear market rally ever. In real money, such as Dow/Gold ratio, this peak is far below that which occurred 13 years ago.
Weekly shows the count since 2009. Triple zigzag for now, but that's the best interpretation.
And the final Intermediate-sized wave count:

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