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Thursday, June 4, 2020

Elliott Wave Intraday Charts ~ 4 June 2020

I have some time to post some EW charts intraday.  I'll just tack them on bottom as I go. Very exciting stuff. NASDAQ 100 new All-time high on a potential very bearish wedge pattern. I guess we'll see.

Very bearish non-confirmation going on with the rest of the market obviously.
Counting the VIX. This actually looks better, wave [iii] is nicely done. We don't know how low VIX will capitulate though.  So far Wilshire high is holding but probably won't if VIX keeps plunging.

Feels like a titanic struggle going on in the market but its probably just in my head.
Of course the DOW and its 200 DMA
Potential topping pattern sneaky head and shoulders has formed.  Market likes to hide these things as best it can.
The next few days are critical to the potential larger term counts.

The market formed a "blue virgin space" - i.e. - "third of a third" wave. This space should hold open for at least a sliver in price for the bullish count(s). Usually an opening this big will get partially closed by one of the subwave fours.

The key pivot is that little blue (2).

The market knows all this which is why in my mind a titanic struggle is going on.

Yesterday we laid out the case that C of (2) had likely peaked and so far that has held. However we need to confirm that by having the market break beneath the (2) price point.
The VIX count broke out of the tight channel it was in.

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