This post is a big picture of where I see the market. I'm not real sure about the Elliott Wave count, but it's what I see right now.
This next chart shows 1983 to the present day in 2020. It will help orient the following charts.
This first chart has two Andrews Pitchforks originating at $4.41 back in 1933.
The purple fork spans the prices we have actually seen. The Yellow
fork is my interpretation of where it will eventually expand to. I
based the expansion on two criteria. First is the 25% and 75% lines fit
better. Second is the Elliot Wave appears to still have a very large
scale wave 4 and a wave 5 to finish. Yes this is a wildly Bullish scenario, but I'm not expecting to see the upper half fill for quite a few years. Right now I'm quite bearish.
This next chart shows that the market has retracted off both forks. The doomsday line indicates the top of wave 1. Dropping below that price will violate the wave 1 rule.
A fork starting at the bottom in 2009 is show in this chart below. I expect the market to collapse through the bottom of the blue fork into the area marked as market memory. This is based on volume and 4th wave characteristics. Beyond that the price may fall even further, but I'd prefer to analyze the patterns at that time.
Meanwhile the forks should show where we might expect support.
I think the market is going to fiddle around between 3250 and 3350, in an area of converging support lines. I expect Monday or Tuesday will show us which direction it's going to go. I say that more from an observed pattern than because it's election day. My guess is the market will resume collapsing and probably rest again near 3180. If that support is broken the next support is 3025.
On the other hand if the Bulls are to gain back control, they will have to get through 3450.
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