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Wednesday, July 22, 2020

Elliott Wave Update ~ 22 July 2020

Updated primary count(s).

Possible leading diagonal triangle wave (i) down on the Composite so we adjusted the wave [iv] which is probably preferred therefore there is no overlap with [ii] using the orthodox wave ending.

Wilshire 5000 failed to make a new recovery high. The SPX did. So we have a mini non-confirmation at the moment.

However, the count(s) have room to finish if they require.  That could mean gap up in the morning. On the Wilshire [c] = [a] @ 33,525, marginally higher than the close today.
Hugging that line still.
There will be more and just tack it on here as usual.

Top alternate count. We found the probable "virgin space" of wave 5. Then the three's, four's and five's need to play out.

Tomorrow is a key day probably.
Remember it was said many months ago that this top gap should never close if this is wave (2)? That still applies.  Upper target range for the wave (2) count is thus. In this count we use the double zigzag formation for Y because we have a possible Fibonacci relationship between the two.
CPCE. Daily moved up again. Remember, the stack order of the moving averages yesterday (21st July) was the same as the stack order at the close on February 19th peak.

Today neither the Composite nor Wilshire 5000 made a new recovery peak. Very similar gyrations as at the February 19th peak. Except the averages are noticeably lower (more bullish). The daily has yet to move over the 30 day however.
Finally got the break upwards on Gold. Got to let it run where it needs to.
And GOLD squiggle count. Blue space is the "virgin Space".
Silver looks interesting now that it got everyone's attention. I have no idea if this is correct but it fits for now. This would be the "5" up in a 3-3-5 expanded flat.  

But it matches Gold's squiggle count above huh?  Now they seem to be aligned in an acceleration phase higher.
Dollar almost at the support line.
10 year yields closed under .60.
Updated NASDAQ Composite Volume total ratios. They eased up a bit today but then again the NASDAQ was flat today, up only .24%. Still elevated though in a narrow range day (relatively speaking)

Two biggest spike days across the 3 ratios is the arrows.

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