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Friday, June 26, 2020

Elliott Wave Update ~ 26 June 2020

There is no panic (yet) in the market. Prices are dropping nonetheless. Today was not a 90% down day, but it was another solid down day all around. Stair-stepping in "ones" and "twos". And that implies a "third of a third" may be soon upon the markets.

Solid close under the price channel.
Solid close under the 200 DMA (for those that are DMA watchers) for the SPX, but the Wilshire did not close under (by 5 points). Whatever.
NYSE showing leadership.
NASDAQ. That Doji candle over the top trendline looks ominous.
GDOW is a leader also.  
And of course the banks are the true leaders to the downside.  We all know what happened in the great deflation scare in 2008-2009. Its remarkable they are not on the radar yet as far as the talking heads go. But they will be.
The bullish alternate. They would have to announce a Corona cure I imagine.  People still have hope, but its tough... there are 47 Million out of work.  There is no cure coming I'm sorry to say. And this triangle is just a mirage in my opinion, but its not dead yet and people want to see it so here it is. I mean look how far wave 5 would have to travel, almost the distance of wave 3, and wave 3 was a herculean effort!


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