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Wednesday, June 3, 2020

Elliott Wave Update ~ 3 June 2020 [Update 19:20 EST]

UPDATE: 19:20 EST
Along with the VIX, the CPCE completely capitulated. Some rare readings.
 

ORIGINAL POST:
Cognitive Dissonance at the social mood and society level and in the individual mind is at a Grand Supercycle peak. In fact, I would gather it is actually higher in wave (2) than at the February peak. I have a lot to say about cognitive dissonance, it existed in spades at the peak of Grand Supercycle wave [I] known as the "tulip mania". But our collective cognitive dissonance is breathtaking in 2020.

And the primary wave count of (2) seems complete as a result.

I have been showing the wave C target range of 31,825 (today's morning high) to 31,907 (today's afternoon high).  I've been suggesting June 3rd as a peak date for (2).

Stunning.
Oh and Gap Trading is probably over. I used to dread open gaps because I assumed that the counts would have to take them into account and they usually did. When I fretted about them again today I realized I am "max gap focused" and now is the time to be the contrarian on that. I will ignore gaps from here on out (mostly I assume).

I am assuming now that if tomorrow opens max limit down, it will just keep on going down (in waves of course). Be warned if this is wave (3).
The profile fits an A-B-C countertrend wave (2). Please note the bottom indicators showing waning strength as we would expect throughout the progression.
VIX counts as complete. No divergence, just capitulation to the end.
All the VIX squiggles seem to be in place. Note my placement of tiny gaps down blue virgin spaces marking likely mini "third of thirds" in each leg lower.
And yes, if you zoom in we did get overthrow on the wedge. A wedge can signify significant exhaustion.
And I stumbled across this LMT profile. Looks complete. Just though I'd throw that in there cause it looks nice. I could probably find a lot of stocks with this profile as expected.
I'll be honest, I hope I am dead wrong. I hope the market heads to new all-time highs. I am not looking forward to more freaking strife. I want that freaking VIX gap closed, and that's the honest to goodness truth.  I want less agitation.

But I can't think of a more pronounced point in all of recorded history where collectively cognitive dissonance is so rampant. I just can't. I can explain in another post its too long for this.

I don't care what the market does from here, it was an awesome day and put a smile on my face.

….nah, I'll be back tomorrow (or later) with more squiggles!



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