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Tuesday, March 2, 2021

Elliott Wave Update ~ 2 March 2021

The pattern presented in yesterday's update still prevails. It is an overall bearish pattern, and if it is correct, the coming technical breakdown is likely to be so swift in that it will catch a majority "offsides".

Yesterday's CPCE data suggests that yes, most everyone is *still* trading via one side of the bet. So the "setup" is perfect for the "offsides" call above.
Weekly shows the tug-of-war going on at the moment. RSI waning with a multi-year divergence technically matching the wave count, as if the market is not quite sure what to do....
Zooming in closer, we can see prices at the channel line. It's as if the market is pausing and asking itself, "Shall I continue the fraudulent lying, go up and gaslight everyone yet again?" 
If we go to new highs, this would be the count:
With the general target being Wilshire 42,485.

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