Custom Search

Wednesday, June 25, 2014

Elliott Wave Update ~ 25 June 2014

Lets examine what we have proposed to be an extended Minor wave 5

First the overall count as reflected in the SPX weekly:
Now lets examine Intermediate wave (c) of [Y] and see if it "fits" as an extended wave 5.

1) We have wave 3 at a very nearly perfect 1.618 ratio of Minor wave 1.
2) We have a solid channel which indicates the entire structure is likely one 5 wave move.
3) We have three distinct what I call "blue box virgin wave areas". These are the price accelerations that mark a middle of a third wave. There is no price high prior nor after these identifiable areas. They mark separate third waves in each instance. In an extended wave as proposed we can expect to see exactly 3 specific virgin areas as outlined in the exact count formation as shown.

The "key" wave marker area for this entire structure in my opinion is 1902 SPX, the top virgin area. If this is breached, then you can infer that the count is complete.
Conclusion: No one can be certain of anything at this stage but the argument for the count above fits the most Elliott Wave rules and guidelines so therefore it is our primary count.

And a closer "zoom" on the proposed final waves (although they may take many more weeks)

blog comments powered by Disqus