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Friday, February 12, 2021

Elliott Wave Update ~ 12 February 2021

Give the blog a little credit. Ever since the thrust upwards in early November, this blog has been patiently counting every squiggle. Every so often we have a situation where "there exists enough waves to consider the count complete". Today is another one of those days. Yet we have not quite yet reached our ideal dual Fibonacci target range of 42,441 - 42,475. 

Is Monday (duh its closed for a Holiday) (or Tuesday) setting up to be the greatest pump and dump in the history of the markets? Is this projected all-time peak going to coincide with the official end of the "Age of Trump"? They are already talking of an impeachment vote tomorrow mainly because I think everyone has had enough and the Senators all want to get out of town. 

Again, there are enough squiggles in place to consider the count complete.

The VIX almost a sub-20 close....updated chart was adjusted to sub-20!...lowest close since the 21st of February 2020!  Perhaps Monday if there is a strong open, they can close that VIX open chart gap finally.
Again yesterday's CPCE print. Another sub-.40.
And yesterday's plumbing chart. Its so clogged, the pipes are ready to burst! In my wildest dreams I never thought these ratios would get so out of whack! No more pullbacks, they just keep accelerating higher every day.  

Since I am using the entire Composite as a baseline, here is why I think this is happening: The computers are literally screaming in order to keep the entire Composite at 14,000+. There is a lot of spoofing and leverage being used here (hence the CPCE call ratios). Most of the Composite isn't worth 5,000 let alone 14,000! 

The ratio's are proof that the market internals are under tremendous pressure.  Its probably unsustainable for much while longer.  I could go through corporation after corporation and show you the dead weight of zombie NASDAQ companies who not only don't make any money, but lose a lot of money. Yet their stocks are bid to the moon...

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