A rather exciting opening, but things petered out as the day progressed. No confirmation of the top. Couple more new highs for wave 3 & 5 look likely.
May be a gap up Monday for a wave (iii).
Serious divergences are developing. DOW made a new high, RUT and COMPX could'nt get up much from yesterday's lows. SPX is somewhere in between.
AMZN has completed it's ending diagonal and heading down. AAPL too has completed it's 5 waves up.
FTSE & DAX appear to have topped.
Nikkei appears to be on the verge of starting 3 of P3 down. BSE & SSEC too appear to have lost upside momentum.
Vega
ReplyDeleteNice site. One quick comment and observation on your SPX count. Your wave (i) white has a 4-1 overlap.
Grand - when you get into small degree waves...1's and 4's do overlap sometimes
ReplyDeleteVega -- I'm really liking your count right now! I think it has a good chance to be dead on.
Grand,
ReplyDeleteElliott never proposed the 1 & 4 non-overlapping rule himself. It is a Prechter construct.
Even then, EWP book allows for a diagonal with an overlapping 1 & 4. Diagonal was not originally proposed by Elliott.
I am skeptic of anything that is purely an EWI's construct, given their disastrous track record.
Jeffrey,
ReplyDeleteI have my bearish bias based on the economic fundamentals, but EWT has helped me understand market movements in a way I did'nt think was possible.
Instead of using EWT to find the most bearish count, my strategy is to use the 2nd or 3rd most bearish counts. That way instead of being constantly wrong on the most bearish count, it is better to be wrong once on the bullish count, or may be even to possibly get the top right.
Financials are a key here. Their wave pattern, wave C looks only half developed at this point. To reduce the divergence, it looks likely the broader indices will rise some more. The 1 & 2 down in the indices could be accompanied by final waves 4 & 5 in the financials.
I am trying to use EWT to mitigate my own bearish expectations, and not to strengthen them.
i discovered EW about 1 year ago. It has helped my trading beyond belief as well.
ReplyDeleteYour current count was still spot on today.
we might be ready to launch subminuette 3 of minuette 3 higher tomorrow.
I recommend reading "RN Elliot's Master Works", edited by Prechter.
ReplyDeleteYou will be able to see how Elliott himself developed EWT, without (mis)representations and (mis)interpretations from Prechter.
thanks for the tip - your count is still tracking nicely...this wave 2 was a little tricky to navigate - just impatience on my part probably
ReplyDelete