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Tuesday, March 16, 2021

Elliott Wave Update ~ 16 March 2021

I'm just going to throw a bunch of charts up tonight. No overarching theme other than we are near. Wilshire target of 42,485 is the theme if we make a new high.

Not yet a new high. I'm assuming it does, but would not surprise me if it didn't. That's how things work generally. When everyone most expects something, it fails to happen. 

VIX. Best closing low in over a year.
Another way to count things. Biden social mood popularity occurred near the high as of now.
Composite. Internal distortions moving up again as prices go higher. Its a fucked up market.
Yesterday's CPCE. Another very low print. It may be that the algo's keep printing lower but they are not getting the expected "juice" out of it. In other words, the juice is flowing but prices are waning. Kind of like how Quantitative Easing has been operating for the past 10 years. They keep injecting but with diminishing returns. Its scary actually. Because when it all pops for good it may not be a spectacular might just kind of limp up for a bit, then shug (I made that word up) downward in price for a bit, and then market prices just smash lower when everyone is sleeping in a stupor....
Your junk looks tired. LOL.
Gimme some kudo's for yields. Stocks forever keep making new highs but we probably nailed yields. I'm looking at resistance at 1.95%ish....maybe a pop to 2% before a big move the other way. This will probably occur with a crashing market in some form or fashion.
Indu count is a big mess.  I'll put it this way: Even if waves continue going up for 4 -6 months and the pattern "resolved" higher in a better fashion here is the bottom line that would not change: The last 4+ months count as a mess and higher prices would not clarify things.

And that implies that I might just have the correct count below:

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