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Thursday, April 29, 2021

Elliott Wave Update ~ 29 April 2021

COUNTS

The Wilshire daily probably holds the key. If the upper trendline means something, then prices will likely run and touch it. A final spasm higher. The squiggles supports it, however that is some 600 Wilshire points higher. But very doable if the market requires it.

Thus the 30 minute chart finally resolves the sideways herky-jerky mess over the last many many days. There is of course enough squiggles in place to consider the count "over". But the primary count will assume its not.


The Nasdaq finally registered a new all-time high so that is at least resolved as a minimum.
The DJIA also has not fulfilled its final high. Its still stuck in a sideways mess. 
CPCE. Super long term moving averages. 180 day is flattening out the 90 and 30 seemingly have bottomed. So underneath it all, there is a shifting of options. The gamma squeeze is almost over but we probably have a volatile day tomorrow.
Looking to end the monthly into hugely overbought territory. 
CONCLUSION
Finally the sideways mess has resolved. Either wave [iv] of 5 of (5) of [5] low was today, or today was actually the peak. But I would give the market the benefit of the doubt. Today's low is now a key wave marker followed by another wave marker as shown on the 30 minute chart  - price top of wave (3) of [5].

If we do spasm higher to touch the trendline on the Daily Wilshire, then the trendline does mean something and it would connect the tops of waves (1), (3) and (5) of [5] which would be pretty cool and a most ideal and preferred outcome. I am actually rooting for that to happen very much!

If that does occur, my guess it takes us into early next week.  And then "Sell in May" would be prudent based on the wave count, CPCE charts rounding the corner at every scale, sentiment readings sky-high anywhere you look including an extremely overbought market at Monthly, Weekly levels.

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