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Wednesday, September 2, 2020

Elliott Wave Update ~ 2 September 2020

Tesla may have cracked yesterday and followed through with more cracks. Apple may have cracked today. Its wave count may be "complete".
And here is what was proposed on the August 15th post:
And a hit on the trendline.
Running out of room for our current Primary Wilshire count. 36,906.6 is the maximum.  The SPX is already blown up in that regard and would have to revert to its secondary count. However, there is a reason this blog uses the Wilshire.  We'll stick with this until we can't. Regardless, we wouldn't change anything from how we count the squiggles from [iv] to [v].
Secondary count uses the higher orthodox wave 4 endpoint. This would have us only in wave [iii]. But this assumes a very bearish sharp wave [iv]. I got to tell you, I'm not sure the market can handle any reversals at that proposed magnitude (even only a few %) at the moment other than short intraday such as we have been seeing. This thing is wound tighter than a turtle's ass, and when it comes undone, I have a feeling that's all she wrote...hence this is still the secondary count....
Close up of proposed Minute [v] of 5. Could be one more small pop or so to finish it up. Neat little parabolic action going on.
NASDAQ Composite getting stretched. Opened +1%, reversed dived 2% to -1% then finished higher than 1% up on the day. We are getting close....
Pushing over the trendline. We have a higher trendline above.
Wilshire weekly. Poked out the top of the parallel price channel. Simple overthrow?
Zooming in.
The next logical Elliott Wave price trendline in which waves (1),(3) and (5) connect would be this configuration with wave (4) as an expanded flat which is perfectly acceptable. But this would require use of our secondary count.

In the end, the market is just gaslighting everyone. Perfect reflection of all the bullshit lies we are forced to swallow nowadays coming from everyone, about everything, and for any reason. We are forced to eat and hear and repeat lies. This is not a healthy thing. The market is just a reflection of social mood in that regard. One big gaslighting in-your-face pack of fraudulent lies.

But doesn't mean we can't count it! We can and do!

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