@ 4 PM
Not much has changed since morning. Hard to say what the markets are doing right now.
If the markets have indeed topped, then Elliott's Irregular top will be vindicated, which Prechter says is an erroneous concept.
Else we make a new high, and Minor 5 is going to look very unusual with this Minute 4.
Or the market is tracing out something totally different.
The USD is down 0.75% today, and yet the market sold off heavily. In my opinion a lower USD does not make stocks any cheaper. Because the PE ratio does not change as the price and earnings are adjusted by the same factor, cancelling out each other.
@ 12 Noon
If the market's did top in early May, Russell 2000 has the clearest wave structure to support it.
Just about all other counts/indices are in limbo.
SPX has not breached it's Minute 2 low of 1295, but NYSE has.
@ 11 AM
Not much has changed since morning. Hard to say what the markets are doing right now.
If the markets have indeed topped, then Elliott's Irregular top will be vindicated, which Prechter says is an erroneous concept.
Else we make a new high, and Minor 5 is going to look very unusual with this Minute 4.
Or the market is tracing out something totally different.
The USD is down 0.75% today, and yet the market sold off heavily. In my opinion a lower USD does not make stocks any cheaper. Because the PE ratio does not change as the price and earnings are adjusted by the same factor, cancelling out each other.
@ 12 Noon
If the market's did top in early May, Russell 2000 has the clearest wave structure to support it.
Just about all other counts/indices are in limbo.
SPX has not breached it's Minute 2 low of 1295, but NYSE has.
@ 11 AM
In Nature's Law, Elliott writes this about irregular tops.
A movement that exceeds the top of a fifth wave (the orthodox top) is an "irregular top". The top of the fifth wave would be the "orthodox" top (OT). The first movement from point "5" down would be composed of three waves and lettered "A". The second movement would be upward and exceed the top of 5. This movement would be lettered "B". Like wave "A", it would be composed of three waves. The next movement would be composed of five waves down and lettered "C".
This is what "Irregular Top" count would be.
Vega - SoulJester over at Daneric posted this comment
ReplyDelete"R.N. Elliott said big moves have an extra 3 waves at the end."
Just wondering if that quote was something you recall??
I replied to his comment, will see if he replies back.
ReplyDelete