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Thursday, May 24, 2018

24 May 2018

Yesterday I proposed that Wave C might go higher after breaking out of the Wave B wedge.  I appears that is exactly what happened.  Once 2700 is broken the bears will be able to rest a little more assured.  Till then there is an ALT count below.  I'm neither bullish or bearish at this point.

Wednesday, May 23, 2018

23 May 2018

Could be a breakout from the wedge (red trend lines). That would put (B) where 2 is and throw the C wave count off by one wave.  If that's the case wave (ii) could end up going quite a bit further.
Hey Doug I hope you're feeling better.  Leave a comment or give me a call so I know you're still in the game. I'd like to know what you're thinking.

Friday, May 18, 2018

18 May 2018

For your entertainment I'll present four counts.
I corrected the Elliott Wave nomenclature.
Here is what I'm using and I will try to keep consistent.

The two best scenarios are the triangle shown below or the bearish count shown above.  In either case the counts are both expecting the market to move down.  One wants three down the other five waves down after finishing a small wave [ii] correction.

The Bullish count above is expecting three waves down before making new highs.
 And just to cover all the bases here's yet one more bullish count!  This count is expecting five waves down for wave c to finish Wave [iv]. 

The bearish count above is expecting five waves down.

What I like about Elliott Wave is there is a plan and a reason for taking a position.  If the market disagrees then you count again.  What if the market breaks out of the triangle area?  Below is my alternate count which could go as high as the all time high. 
Now you might be thinking why not count Wave (ii) as the beginning of a bullish impulse wave.  The reason I can't do that is Orange Wave a does not look like an impulse wave with five waves.
Doug let me know what you think. 

Wednesday, May 16, 2018

16 May 2018

It's ironic that the bears are praying for another 80 points up

Tuesday, May 15, 2018

15 May 2018

This is my Bearish scenario.  If wave (iii) acts more like a correction than an impulse then consider the next chart!
There is still a very good chance that Wave v is beginning.  Don't discount the Bulls just yet!

Monday, May 14, 2018

14 May 2018

Thursday, May 3, 2018

3 May 2018

A lack of follow through has caused me to reevaluate all of this choppy action over the past month.
Take a look and let me know what you think.
Do you still feel the big triangle for a wave iv correction is still viable?
The past two days came down as expected, but the afternoon recovery took out the wave 1 low so unless the market is doing a 1,2/ 1,2/ 1,2 I can't very well make this an impulse wave.

Look for five waves up to about 2700 to 2750 for wave c of (ii).  Then if this is correct and Super Cycle V ended at 2876.the market should begin (iii) of [iii] which in theory will be a devastating decline.   Otherwise the next five wave may only be the beginning of Super Cycle V which could take the market to 3600 or even higher!

How will we know?  I would feel pretty confident in the bearish scenario if the market breaks below 2530 with a strong five waves down after completing Wave c

Keep in that I am

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