Custom Search

Monday, February 1, 2021

Elliott Wave Update ~ 1 February 2021

Update:

COVID

Hopefully, this COVID wave count means we have peaked. See how Nature seems to work in wave structures? And we are/were at "maximum" bullish COVID sentiment at the peak. In other words, maximum COVID fear. Just look at what the other english speaking countries are doing to their populations, particularly the U.K., New Zealand, Australia, Canada.  Not that we are much any better here. There are still states where you can live free though.  


All these deaths didn't have to happen which shows you just how evil people are. The American Journal of Medicine reversed its stance on HCQ now that Orange Man Bad! is gone.

They reversed their stance at the top of the wave chart for COVID! TOO LATE to have done any good!

In fact, here is their treatment chart in that article. And if you were paying attention this is pretty much the treatment chart that was recommended by many doctors last spring. It is essentially the NY Jewish doctor's treatment plan he developed by April! 

But Orange man bad!  Yes, and politicians and zealots of the Cult of the Mask killed people on purpose. F*** YOU ALL TO HELL!

In fact, I would "skip" the "watchful waiting" period altogether and go straight to treatment, or at least have the treatment "on hand" and ready to deploy. The time delays are too critical with this virus as it can deteriorate things rapidly.

If we would have done this like Trump and many others (like the Jewish doctor in NY) wanted to, we would have saved a lot of lives.  It would have been a GAME CHANGER (just like Trump said). And as I said, people were killed for politics.  It's pure evil and if you were against HCQ (and Ivermectin for that matter) you NEED to do some soul searching and figure out why you trumpeted for death when the opposite could have happened.

Again, F*** you all to hell.

COMMENTARY

Well, the mainstream media seems to be coalescing around the "narrative" that Wall Street short seller bloodsuckers = good. Reddit Retail = Bad. I seen multiple articles on the loathesome MarketWatch. One article equated Retail with Q'Anon (?) the next mentioned the "Kremlin" is watching and we are showing weakness and they might take advantage (or some crap like that). I won't link its getting nauseating. But it seems they are trying to equate them as Trumpers or something which, if you've ever spent time on a Reddit board, that's far from the case, in fact its actually the opposite. But they are populists, and the elite hates populists.

And so Wall Street is pulling out all the stops to save their short positions. The saga of Robinhood today seems to be that they keep needing more and more $Billions because of "clearinghouse" problems. I've come to some conclusions in thinking about what's going on:

a.) Robinhood is the worst run brokerage ever. b.) Robinhood is bleeding so many clients that their entire business model is collapsing, hence like Lehman brothers, they are capitalization-impaired c.) Robinhood is being sacrificed for the benefit of Wall Street. d.) Is Robinhood a Ponzi scheme being exposed? 

Perhaps all four points above and more. 

There are still other brokerages limiting trading action in big names like GME. It is no doubt collusion by Wall Street and they are illegally manipulating the market to kill the gamma squeezes on these stocks. And then they figure the prices will naturally die a slow death. But they are likely working on trying to build a reverse gamma squeeze to the negative. 

THE COUNTS

BULLISH COUNTS:

A lot of cross-currents going on. The NYSE had its second 80% up volume day of the year and also advancing issues vs. declining were above 80% for the first time this year. So a very solid day. Yet the VIX is still rather elevated. But if Friday was a Minute [iv] "low", then today was a "kickoff" day for Minute [v] of C to new highs on the Wilshire.

In the Wilshire, the most bullish count has us in [v] of C. Here is what that would look like. And another tremendous daily volume near-record on the Wilshire.
We'll label [iv] as an expanding triangle for now. And a tad over 50% retrace of the entire drop so far.

BEARISH COUNTS:
The flipside is the market is just gyrating in its final death spasms prior to selling hard.  Lets start with the DJIA. The DOW count does matter.  And it has overlapped every pivot and price point since early November. From a wave counting standpoint, that is bearish. It may have formed an expanding leading diagonal triangle from its peak. It's a classic srtucture.

Of course its possible the DJIA does not make a new high and for instance the Wilshire 5000 does. This is what I mean by potential cross-currents goin on in the market. 
Wilshire most bearish count is today was like that day in September 2008....when they banned bank shorts....well today would be the opposite: in effect banning go long on shorted stocks. 
Regardless it may be just another subwave "spasm" prior to the big plunge. 
A variation would be a wave (ii) downward flat or expanded flat.
What I don't like about the bearish case, is that the "ending diagonal" at the peak was supposed to collapse in price by now. I'll give it one more day though.
MAC.

Took a big hit today. Coming up on a critical area. If it drops again in price in the morning look at what happens at $13.15. That would be the bounce point if there is one.

A lot of shorted stocks took big hits today again. 
Silver.  Prices have moved above "A", which is a minimum requirement for wave C. However the wave structure seems incomplete to say the least.
A revamped Tesla count. Proposed extended wave 5.






blog comments powered by Disqus