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Wednesday, April 14, 2021

Elliott Wave Update ~ 14 April 2021

Ok, things have been marching along nicely for the revamped counts this week. Again, all charts seem to be aligned in about the same spot in the count. Best guess is that today's peak was Minute wave [iii] of 3 of (5) and that the pullback is the beginning of a corrective wave [iv] of 3 of (5). Next best guess is that today's peak was the top of 3 of (5) itself and today's pullback was the beginning wave of forming Minor 4 itself. 

However it would look nice if the market formed a small Minute [iv], peaked again at [v] of 3 first. So we will go with that premise for now. 

It may not overthrow its "wedge" but it is overthrowing the Cycle wave uppermost channel line.
Composite getting close to a new all-time high which the count predicts. Again, perhaps today was peak of [iii] of 5 of (5) which most charts seem to suggest.
DJIA. The most goofiest chart. 
I took yet another crack at its ugly squiggles...again, the theme being its probably looking for the top of [iii] then 3 itself. So the charts have all married back up and that is a normal thing in a peaking process. This is another reason to think this is Minor 3 of (5). 

Minor 3 is where they would be best re-aligned with each other. Then later when Minor 4 and 5 plays out, they may diverge a bit again.
CPCE. Yeah still nailed down. Those aren't your short term, 3, 5, and 10 day moving averages. Those are 10, 30, 90 and 180 Day!  This ain't your grandfather's CPCE!
Oh, and here is the 3,5, 10, and 30. Just pure gamma baby.
Bonus chart of the NYSE.  The NYSE alt count has a "classic" ending diagonal triangle wedge with overlapping waves 4 and 1. It touched the top line today and fell back. This pattern really doesn't work on anything else but it caught my eye and the (3) and (4) actually fit better on this chart rather than the above. 

I can't assume the "peak" is not in. It very well may be. Buts its an alternate count all the same.


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