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Friday, May 8, 2020

Elliott Wave Update ~ 8 May 2020

Both counts (primary and alternate) that I have been showing for the past many updates are still both in play. Here are some potential squiggle counts:
A closer look at the above. Wave [ii] as a simple 5-3-5 zigzag.  And yes its a deep, deep retrace but if (2) holds, then the count is valid. Double-top?
Now for the other count. This count has (2) making a higher high. I call it alternate but what the heck.
If the market makes a higher (2) its bearish anyway. Yes, weird how that works.
I took a screenshot of Marketwatch today for a contrarian headline and possible indication the rally is almost over. Pretty bold to state we'll never see March 2020 lows ever again. Sheesh its only May 8th!

If Gold soars, they'll use the excuse because future fed rates are projecting negative in late 2020!

In fact, today's low would make a good final point for our triangle - (e) of [iv] -  because the price finished higher than anything we have as labeled in waves [i] and [ii] which is preferable so they don't overlap. If I am correct with this count, Gold should blast off higher. 

Or maybe I labeled the triangle too early again. Or whatever.

I'll be back with more charts later I think.

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