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Thursday, March 11, 2021

Elliott Wave Update ~ 11 March 2021

It appears the stock market is in the final "blowoff" phase. With the DJIA and SPX making new highs today, the best count for the Wilshire is that it is in wave [v] of C of (B) or wave [v] of 5 of (5). Both approximate the same thing. There is a 3rd option in that the market is in wave 5 of (5) of [5] which implies a bit more higher prices (and time) than the first 2 options above.

I'll list each option below in order of preference:

OPTION 1: Price target 42,485. This is the "false (B) wave peak".  

(NOTE: This actually makes the best count also if Wilshire prices FAIL to make a new high. We would simply put wave (B) at the all-time peak which occurred a few weeks ago and label [ii] of C back into "B" as we have been showing it.)

The squiggle count for the above would be thus:
The NYSE fits the above count(s) the best as of now:

OPTION 2: Price target approximately same as above maybe a tad bit more. It's practically identical except it finishes the count in 5 waves versus the "false (B) wave peak" above. They are both correct in a sense which is why I interchange them so often.
The daily in the same version as option 2:
OPTION 3:   Best guess price target: Wilshire 44,600.

This is a somewhat new count construct although I gave a glimpse of this many many months ago (I'd have to find it),  The price target is free to move much as required to obtain the "right look". In other words, prices (and time) cannot be too short or else it would better count as option 1 or 2 above. And they cannot be longer than wave 3 since wave 1 is the longest.

Hence, this is the most "bullish" count since it allows more time and price to finish out the Fibonacci 234 year Grand Super cycle mania.
The best thing option 3 has going for it is the weekly would look nice in that we can "see" the 5 subwaves of (5) of [5] and maybe foresee possible "overthrow".
The VIX. flirting with the unclosed gap yet again....
Bonus chart SILVER. Its hard to believe the one day pop to previously proposed wave "C" was over in a blink of an eye. We saw that GAMESTOP has a second wind....why not silver?


The NYSE and the 15 Wilshire chart above may show the best counts.  Wilshire target would be 42,485. However if prices fail to make a new high that works too. We may even call it a "truncated" Wilshire if that's the case. Things are clearly out of hand.  

Have you ever seen a stock like Gamestop have a (short squeeze) second wind such as it has?  I was never one to suggest that it would never see $200 again. I was rooting for it and it came least for a bit so far. I still root for $1000/share.  Strange times indeed.

Wall Street pigs really do hate the millennials and gamers and such. That's why they want to short Gamestop into oblivion. Wall Street can't compete in Call of Duty, so they would rather burn it all to the ground.  Sociopathic behavior. 

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