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Tuesday, December 22, 2020

Elliott Wave Update ~ 22 December 2020

Sooner or later the pattern will resolve itself, but we must be patient. We have numerous squiggle options, I have been posting the top options.

This is the option that supposes the market has some gyrations until actual Inauguration Day on 20th of January 2021.
From a further view:
Sometimes its easier to just look at the top stock in the world and if it has a clear count, then go with it and assume the market will hold up overall to support it. Apple may have a very clear count.

Last night I suggested Apple may be breaking upwards in wave (iii) of [iii] and prices today supports that count.
As far as Apple's squiggles, we'll go with this and see how it plays out. I had a good run counting to the early September peak but obviously the overall market (and Apple) has held up well.  The best option is that a Minor 4 triangle has traced out since then and now it is breaking out to new all-time highs.

I'm going to use Apple as my overall market proxy (as I had done much in the summer) since so many other indexes can be interpreted in many ways. When the Apple finally goes rotten (it will) so will the overall market.
10 year treasury price. Kind of dribbling lower. Kind of like my Lockheed stock shown the other night.
TESLA. Ultimately its matured wave count will betray them.  Can we really generate any more excitement in this stock? Really? Electric cars suck! Again, the reason the overlords push them on us is so they can better control us. They couldn't give a rat's ass about the environment as electric cars are an overall net polluter versus a simple gas powered engine.

But the more instructive point is that Tesla has already had its Minor 4 "triangle moment". And the wave evidence favors a completed pattern (or nearly so) rather than not.  
And what to make of the Industrials? An upward wedge may be signifying an ending diagonal triangle. Its gone on quite a while. The Transports too seem to be sluggishly overlapping and may also be sporting an ED pattern.
Possible INDU count. 

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