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Wednesday, March 10, 2021

Elliott Wave Update ~ 10 March 2021

Its instructive to see the roller coaster stock trading such as what's been going on with Gamestop GME.  Its kind of a reflection of the entire market.  After falling from peak significantly, the market has been panic-bid quite significantly over the last 4 days. Will it last? Does it have any staying power?

My gut instinct is that it is all one big "shake-out" of all market participants in a way. Mainly anyone who has a bearish thought are punished with price. Who is willing to short this market at this point?

I still favor the "bearish" count, yet how can I even claim a bearish count when the DJIA just soared again to new all-time highs? Its insanity. And ultimately insanity is a bearish trait.

As long as prices don't go above the pink line on the Wilshire, this might be a count. But its grasping for straws I'll admit.

NYSE new highs. This might be the clearest count of them all. 
And thus all the alternate counts of course show a new high (for the Wilshire/SPX). I could give 4 variations, but there is no point in doing that at this time. The variations all point the same general direction. There is no over-arching main variation that goes beyond a few weeks or even a few months time. 

We are not predicting any kind of long term bull market here. Only trying to find the turn for the beginning of the greatest financial collapse the world has ever seen since the beginning of time.

And that is the "conundrum". For I am not merely suggesting a bear market wave of a few years and then back to business as usual. I am predicting the end-of-the-world kind of outcome as we know it. And hence, the final peak refuses to come.  But come it will. Its like partying deep into the night drinking beers until 6 in the morning with friends having a good time and not wanting it to end.

Except it is now 10 in the morning and you are beyond drunk and just ready to pass out. Yet you are going to drive home anyway. Well, it'll probably all end in a horrible car wreck for starters. Or pulled over by the police. Or passed out in your car. That's where we are with the market. Drunk, its almost noon, your day is wrecked and eventually your going to need sleep. Snorting meth will NOT help the situation. 

Are we in the snorting meth phase?

A couple of the variations below.
I could also replace "A" with "1" and [ii] of C with "2" and the recent high with "3" and the recent low with "4" and now we are in wave "5" up. See? There are a lot of ways to count to the end of the world as we know it. But they all suggest the same eventual outcomes.
Sometimes I just think the computers are simply programmed to fill the VIX open chart gap completely. They simply do not know any better and are driving prices in in a yo-yo fashion in trying to achieve that goal.

God forbid the gap ever fully closes. I don't think the computers will know how to react.

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