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Friday, August 7, 2020

Elliott Wave Intraday ~ 7 August 2020

Update 1440 PM 

We have either a leading diagonal or ending diagonal triangle.  Perhaps wave [iv] put its low in. The top of the NDX appears done for now although it could bounce in wave (ii).  I moved the base channel on the Wilshire to a more reasonable level.

Update 14:10PM

I'm calling the top. I double dare this market to make a new all-time high!  I'll repeat, there is nothing more I want at this stage than for it to do so. Which means I will be hugely disappointed!

Updated 1:35 PM. The NDX may have peaked. It was running ahead of the Wilshire.  Wave 5 is a very excellent .613 x Wave 3 at  yesterday's high.

Wilshire bounced off its base channel. NDX broke under multiple. Like I said yesterday, I want so bad for the Wilshire to make a new all-time high so we can get a "clean" count. Therefore it ain't gonna happen. I mean it would be a nice surprise. We came within .92% today so far and I think we have another higher high coming in the Wilshire/SPX but the NDX took some damage.

Updated Gold 14:10 EST

Gold getting hammered a bit. It's taken a lot of damage. There are enough waves in place as is.

Current best count. Adjusted the Minute [iii] of the Wilshire.  The NDX is likely running a little bit ahead of the Wilshire. Any major price puncture into the "base channels" will have to be watched closely.

And the Wilshire and SPX are likely not making a new all-time high without Apple's help being that Apple is about a 7% weighting now in each. Amazing. Last night's Apple price resulted in about a $1.95 Trillion market cap. Going to take $2T at least.

VIX. Almost at the top of its open chart gap. The top of the gap is 22 even.

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