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Tuesday, March 9, 2021

Elliott Wave Update ~ 9 March 2021

 I still favor the bearish count(s) in that the Wilshire5000 will not make new all-time highs. 

Yesterday's CPCE. Things seem to be turning. We have shorter moving averages crossing over longer dated ones. This is a typical pattern...however we are using very long-dated moving averages! At the Feb 2020 peak, I would have been using 3,5,10 and 30 day Moving averages not 10, 30, 90 and 180! It just goes to show you how extreme it has become!
As suggested in last night's update, labeling Tesla's 40% drop from peak as a possible wave [i] down suggested a wave [ii] up may be coming. That appears to be the case today.
Grasping at straws on a possible DJIA count.  Another new all-time high today.

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