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Monday, May 4, 2020

Elliott Wave Update ~ 4 May 2020

We got our one more squiggle down today to make an overall 5 wave move down (actually counts as 9 waves down but that's considered an impulse structure - see how its labeled). And then we got a 3 wave counter-rally up.

It would be ideal if it retraced upwards a little further toward at least the 38% - 50% Fib mark but its not required.
If we are on the brink of wave [iii] of 1 of (3) down, at least 1 of those lower side gaps (or both) is the target. And look for selling to be more intense than what we had in wave [i].
The top alternate count is below. If this were the count we should see a strong sustained kickoff tomorrow (probably even a big gap up) with market internals able to eventually carry prices to a new recovery wave (2) high.  But as I said last week, In Elliott Wave terms, there is no reason for wave (2) to go higher. Its been a remarkable successful wave (2) already as is.

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