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Thursday, February 18, 2021

Elliott Wave Update ~ 18 February 2021

Next few days are crucial for the overall count. Although a lower low was made today, the case for a rise to Wilshire 42,450 is not quite yet dead.   However, another lower low would pretty much invalidate this count.

If the market can manage to make a new Wilshire high, maybe the VIX finally closes the gap.


What we can say about the bearish counts is this: If this is a (i)-(ii), i-ii "setup" then the next wave should crash down very hard lower.

NYSE bearish internals.
Yesterday's CPCE. Again, if prices can no longer get juiced by gamma juice....then we are in for a bearish reversal in market prices.

Also note the possible similar setup in divergence with the 10 day Moving average and the daily spike lows. Not much to hang your hat on, but it might be the ticket. Note how much lower the averages are compared to February 2020. This is historic extreme territory!

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