We’re at an inflection point. However, in this market (as in just about all markets), turning points are “a process.” As I’ve been saying over and over, the financial world as we know it is moving as one entity. When a turn comes, everything is turning, and as with a large ocean liner, it takes time to turn around something this large. The turn into the fourth wave is imminent. The market is suggesting to me that it’s hours away rather than several days.
A Higher Tide Floats All Boats
Whenever we get close to a major top in this market, the email start to flow in dismay that this market will never top. Usually these comments seem to come from those fixated one one index—the SP500. But, the market actually consists of more than one index, and the driver of the entire thing is the US dollar (the reserve currency).
I’ve written about this before here. But, people have short memories, I guess, or see only what they want to see.
I have always maintained that once one index tops, they all have to (so that they stay in sync). I’ve not seen it fail yet.
But it’s more than this that keeps the SP500 from not topping until the others top. The next wave down will have to start with five waves. So to get to the point where that can happen, the indices all need a “fresh start”—in other words, a new high.
This time, it’s the Nasdaq and related indices that we’re waiting for. Once they get to their targers, everything will turn down.
So, the key, as I preach over and over again, is to watch the entire market, certainly indices that are related to each other. Both the SPX and DOW are subsets of the NYSE. They move more or less together. The wave structures have to be correct in order for the next wave down to start.
In more indices (and USD currencies), we appear to have one more small wave up to go: a major turn of just about everything associated with the US dollar.
All the Same Market
I’ve been mentioning for months now that the entire market is moving as one entity, the “all the same market” scenario, a phrase that Robert Prechter coined many years ago, when he projected the upcoming crash (although he and his group don’t seem to be paying much attention to it now …).
We’re starting to deleverage the enormous debt around the world. Central banks are losing the control they had and we’re slowly sinking into deflation world-wide, with Europe in the lead.
The US dollar is fully in charge of both the equities and currencies markets. They’re all moving in tandem, as I’ve been saying since September of 2015. For a short while, currencies were moving contra to the US market, but for the past several months or so, they’ve been moving together. The EURUSD is very closely aligned and will likely trace out a fourth wave as the SPX traces out one, too.
______________________________
A true expert in Elliott Wave FL 2
 | A true expert in Elliott Wave …You are a true expert in EW analysis. What you provide is not available anywhere and is priceless. Subscription on your services is the best thing I have ever done. Many thanks for your effort to make me a better investor. I now have more trust in my investment decisions. I hope you will continue the excellent work! —FL |
Couldn’t be happier … KK 2
| Couldn’t be happier …The analysis and insight you provide is simply amazing! I’ve been trading the futures and equity markets for well over thirty years and usually average around 5% monthly. Since joining your Traders Gold Service two months ago, that number has better than doubled. I couldn’t be happier.—KK |
Have not had a losing week RW 2
| Have not had a losing week …I have been with Peter almost a year. The only thing that matters is have I made money with his service. I think I have finally turned the corner using Peter’s EW. I have not had a losing week in the last 5 months. Thanks Peter, for your amazing amount of hard work. —RW |
Get an upper hand … JC 2
| Get an upper hand in trading …Seeing all the different currency pairs and the wave structures and hearing you explain why this has to do that on a nightly bases gives one a upper hand when trading. Elliott Wave applies to all stock and indices and can be applied to any candlestick chart. If someone ask what you want for Christmas – Tell them a membership to Peter’s “Traders Gold!”—JC |
the real deal SM 2
| The real deal …‘Educational, insightful and thorough market analysis for all levels of traders. It’s Elliott Wave at its best….Peter Temple is the real deal’ —SM |
Tops in your field DZ 2
| Tops in your field …You are tops in your field. Tried to follow Elliot Wave international for years. They were always behind the market. After discovering you, I perceive that you are an expert in reading the waves, which puts you way ahead of the rest of your peers. And you can read the Waves like you are reading tomorrow’s financial section. I pray you stay healthy. —DZ |
The best of them JL 2
| The best of them …Last couple of years, I subscribed to several ‘market traders’. You are by far the best of them and the personal contact is awesome. Daily and daily updates are very well written! Besides your expertise in EW, I also like your cycles analysis. Best investment I ever made! —JL |
Rise above the rest … SM 2
| Rise above the rest …I have only ever met a few people who, in their chosen fields (astrology, medicine, music, martial arts, technical analysis), rise above all the rest and you are one of them…you have ‘the gift’…and that’s why I’m a Trader’s Gold member. —SM |
The Market This Week
Here's the latest daily chart of ES (emini futures)
Above is the daily chart of ES (click to enlarge, as with any of my charts). We're back up at the top as predicted and waiting for the turn down. I believe it's imminent and we could see the turn on Monday. The Andy Pancholi turn date was Friday and very often the turn happens the day after.
I don't have an accurate target for the bottom of the fourth wave, but the 2262 area is a good candidate at the moment.
The NYSE index (and sub-indices) appear to be in a correct set of waves (this refers to Elliott wave structure), while the Nasdaq indices appear to be tracing out impulsive waves. This makes analyzing of the SP500 more difficult; it's even more important now to keep your eyes on what the Nasdaq is doing.
The DAX has the same wave structure as the SP500.
All eyes should be on NQ (Nasdaq futures) as well as the cash counterparts. As per my theme above, all boats need to get to the top to (clear the decks, as it were) and then they'll start down in tandem (USD currency pairs also have to turn, which looks like is may happen at the same time).
The USD currency pairs are still in various stages of topping/bottoming. EURUSD appears to be the most advanced in the "topping process," with USDCAD and AUDUSD a close second.
Summary: We have one more small rally to a new high to go before we drop into the fourth wave.
After completing the larger fourth wave, we'll have one more wave to go, which could be an ending diagonal as a fifth wave. The long awaited bear market is getting closer.
______________________________________
Sign up for: The Chart Show
Wednesday, July 26 at 1:00 pm EST (US market time)
The Chart Show is a one hour webinar in which Peter Temple provides the Elliott Wave analysis in real time for the US market, gold, silver, oil, major USD currency pairs, and more. You won't find a more accurate or comprehensive market prediction anywhere for this price.
Get caught up on the market from an Elliott Wave perspective. You’ll also get Andy Pancholi cycle turn dates for the SP500 for the balance of the current month. There’ll be a Q&A session during and at the end of the webinar and the possibility (depending on time) of taking requests.
All registrants will receive the video playback of the webinar, so even if you miss it, you’ll be sent the full video replay within about an hour of its conclusion. For more information and to sign up, click here.
Thanks Peter. Speaking of a turn coming in hours, it sure looks to me like ES had an impulsive decline off its high of 2461.25 last Friday.
Thanks, Peter! Should be an interesting week. Market should rise until Wednesday at least. (phase, distance, declination, seasonals all bullish until Wednesday).
Yes, an interesting week it should be.
🙂
Peter- when you decide to go short because wave 4 has started how do you play the move down? thanks
Five waves down to the previous fourth (say a 5 min chart) and a 3 wave reversal up to the 62% retrace area. A turn down there and an entry. Stop at the high.
Thank you, Peter.
🙂
I have gone long S&P and Dow. Another EW analyst I follow expects a surge as the mood is so bearish. Target is 2500 or so S&P and 22000 Dow. This should allow NQ to make the new highs we are waiting for hopefully this week for the wave 4 turn down. Quite at few analysts including Andy Pancholi and Northman Trader expect this to be the upper end of the range so maybe final wave 5 may only just reach a new ATH in early 2018 before the crash of the millennium.
I am not sure what anyone making the case for how besrish traders are is basing that argument on.
VIX has recently spent longest period ever recorded in history in sub 10 territory.
On Friday VXX made a new 52 week low, and did so again today.
The market remains in historic overbougt territory.
The argument for bearishness defies logic and the facts it woul seem. 🙂
They said “the bunnies couldn’t fly”
But the bunny didn’t care …
I meant the major banks are all warning of an impending correction or Market drop. I am fairly bearish but I’m playing the fact there is still decent momentum to the upside. I also think wave 4 will be extremely rapid when it comes as slow drops just lead to the bulls reloading and sending us to new highs again. I’d expect wave 4 to be complete in less than 10 trading days and then a V shaped recovery but that’s just my opinion. Alternatively we just flatline for weeks and then a sudden drop to align with peters timescales
Peter,
Great work at always. God bless,
Regards
Phil -Sydney
🙂
And here come we Canucks: http://www.zerohedge.com/news/2017-07-17/canadian-home-sales-crash-june
Going to make a big splash.
That new tax on foreign buyers must have done the trick. That is really ominous as it exposes the fact that most of that buying was speculative and not borne of true domestic healthy demand. Let’s see if buying picks up again when they inevitably revoke the levy on foreign buyers! UK (London) recently did this exact same song and dance. Of course their CB head honcho Carney used to work his magic in your neck of the woods.
Options expiry week
Peter
You have done a pretty good job navigating the stock market .
im thinking the June 2nd time period to date is a similar
pattern as the years 2014-2016 sideways move .
to me, it looks like the end of the sideways move was the july 6th low
despite the new high on july 3rd in the cash dow .
The oex has its next level at 1108 and im not sure it gets there but
i cant say it wont , this leaves the higher levels in the spx up towards
2500 as well as dow 22000 ish .
The weekly chart from the march 27th low on a weekly chart does not
look complete .
this week being options expiry leaves me flat and not trading.
we might see some decent short term swings yet i think if they come
they will come Thursday or Friday .
July 25th is the next swing date on my timing model and im mixed
on direction .
one last thing and this is the oddest correlation that i have been following .
back in 2015 i noticed that the crash phase that year followed the opposite
of the 1929-1987 crash pattern almost exactly .
if you overlay the 1929 1932 bear market ( inverted ) to the Dow we have been following that inverted pattern since april 2016 on a weekly chart .
it is not exact week to week yet it is a very very close repeat of the rhythm
of the 1929-1932 bear market . I have not adjusted it to line it up yet it stands
out as an almost exact yet opposite mirror image. Its as if we are in the 1930’s
bear market only the Dow is rising .
If i use what i call the 8 month cycle which took me awhile to discover yet is actually based on Steve puetz and chris carolans work then the solar eclipse
on august 21st would be the top . so aug 7th lunar eclipse would most likely
be a low of sorts with a thrust higher to complete this move.
Last week though ( july 14th ) does fit into this ,
bottom line : Last weeks lows tell the tale for me . if we fail to break
last weeks lows then i must look out to august 21st to get short.
if we break last weeks lows then ill conclude wave 3 has ended.
I think it is worth looking at the highs in march 1937 as well as the secondary
high in 1937 in august . i m seeing a similar theme there as well .
week of August 11th-aug 20th should be important.
Other then that im keeping an open view on this market .
What i took from your recent post is this .
If your getting emails saying this market wont ever top or something close
to that then most likely that recent spike was short covering .
capitulation buying .
Thank you for the work you do .
I know you put several hours into your posts .
Joe
Joe,
Yeah, there’ve been those emails. When I get them, usually we’re close to a turn in one direction or the other. But EW is what’s actually telling me that. Have you done up a chart showing today’s market on top of 1929?
My hunch is that we see a repeat of February melt up (counter seasonal) probably starting in early to mid August and lasting into September. From now until mid August, will probably be flat, lower vix, and lots of new all time highs with no real upward movement, and before ramp in August a 4% sell off to set up the rally.
ProShares just did another bunch of reverse splits including the money burner UVXY which underwent its seventh reverse split. That has generally been a bullish sign for the market FWIW….
Ed I just spotted your question about McHugh’s current take. He still sees the possibility of an SPX top at 2453.82 on June 19 and a big expanded flat underway for a fourth wave. That means we should see a bit C wave plunge to complete the correction for the fourth wave. His other view is that we are in the final wave up toward DJI 22500ish and SPX 2590. In some ways the cagey action does feel a bit like a B wave but I am sticking with Peter’s call for a final five of three up underway. I think we are seeing a small fourth wave to day and should get the final move up into the close. SPX and DJI both penetration the 2 standard deviation above upper Bolllinger bands so a reversal could be close. This kind of deviation from the mean use to reliably portend an imminent price reversal but that is not longer always the case. I have watched in amazement as price has sometimes stayed pinned to the upper Bollinger band for a week or more, then after an insignificant pull back re-penetrate the upper Band in a most un-characteristic fashion.
My theory is that the banksters are determined to prevent, if they can, and market decline more than 2%. Going back before the 80s you cannot find a corrective pullback in a bull market that was less than 2% for an entire year, yet how long have we gone without one? We have not had a single one this year!
This is why I am so curious about what the next pullback will look like when it unfolds.I think it will be happening in a context of ferocious bankster opposition. If is is relentless and slices through a number of critical support pivots as opposed to being choppy and over-lapping I think it is going to have big implications for where we are in the topping process. I would not surprised to see some sort of triangle unfold as the banksters fight the decline, followed by another sharp upside thrust out of the triangle in a manic fifth wave to end the entire sordid affair from the 2009 lows.
Verne,
all these divinations remind me small soviet tube, where small boy is staying in the puddle and people gathered around are divining why is he doing it ?
The end is here :
https://rutube.ru/video/0b6e7b5f4d7283aa6334cdf59ef944cd/
Interesting. A few years ago several well-know hedge fund managers closed their operations because formerly reliable technical indicators had become totally useless in a central bank fueled stock market. Most people would be shocked to discover how may FANG and FAB FIVE stocks are owned by the Swiss National Bank. I have heard as highs a 40% of outstanding shares. That is sheer insanity. Anybody paying attention has figured out that formerly useful gauges like volume, RSI, low volatility and numerous other measure no longer mean what they used to. The market becomes overbought, stays that way for months on end, and powers higher on seemingly non-existent volume. I know outfits like Lowry’s are telling their subscribers that market breadth is healthy. I am not so sure about that. If you take a look at the number of stocks in most indices trading below their 50 day SMA, there has been persistent divergence with these recent market highs. All is not as well as it seems. Some of the calls for this market to tack on another 25 to 30% are being made by analysts who in my opinion have simply not done their homework.
Or here:
https://www.youtube.com/watch?v=SfbRVVvHcqk
Here’s a bull count…
Wave 3 ending at 2766 near end of 2017 with a 5th wave taking the S&P up to 4397 in 2021.
https://postimg.org/image/o2ml3lxb9/
I think the target is a bit high. Lots of calculations point to around 2500.00 for a final top. I do think we will likely see a triangle for the fourth wave so that I completely agree with. We could all be wrong and the multiple HO’s result in a blood bath to the down-side. As traders we should care less about what is predicted and trade what we see. As of now the trend remains up- that much is clear.
I’m sure that 3 cent dip on ES today is Pancholi’s special edition turn of the century. Another great one in the books…Northman Trader should feel the competition by now…
Peter- two questions- do you believe in the Hindenburg omen warnings? and you think wave 4 is going to start tomorrow. why do you think that versus like in two weeks? how do you decide when the turn is going to start? thanks!!
We should get a brief move down at the open tomorrow to complete this fourth wave. I am scalping the last of this probably minutette degree fifth wave up with a scalp via SPY 245.50 calls expiring this Friday. SPX should tag at least 2720 to complete this wave up giving a potential double on those calls intra-day. A dip tomorrow will give a better entry price than the current bid/ask of 0.88/0.89.
Scalping this market is the only intelligent way to trade it and clearly this will be a day-trade held for mere hours. I suspect the small fifth wave up will take us into the close tomorrow followed by a minute four correction for Wednesday which should take us down to around 2440 or thereabouts, good for another scalp up during minute five to a top the rest of the week. I will be looking for VIX to start its own march higher in conjunction with the final move up to complete the larger third wave. SPX sometimes acts like a commodity with extended fifth waves so I would not be surprised to see a mini blow off top on the final move up. Best of luck to everyone!
I meant to say 2470, not 2770 folks. My mistake!
Peter
Yes i have created a chart of today’s market overlay ed over both the 1987 and 1929 market tops , i line them up based on the puetz cycle and use Chris Carolan’s work . it lines up very very well with an august 21 high .
i could do another one and line it up to Fridays high and see how it looks
yet in doing so that would cut out the may18-19th low which landed right
where it should have .
I have them with daily charts and weekly chart overlays .i try very hard not to change the parameters of these and if i am to use fridays highs then the parameters wont fit ( hence aug 21 does fit )
the 1937 market does fit as well looking out into august yet in this case
the high in march 1st ish , would be the high in 1937 and the secondary lower high in august 1937 would be a higher high in august 2017 .
Im not saying we cant be topped right now yet as you mentioned we should be watching the NASDAQ as well . August is lining up is all i m saying .
even the charts i posted the other day using the decennial pattern pointed to the week of august 11th .
I know better than to call that a no brainier but …….Mid august if a high
should be important.
Then again , i got a text today from my son who is 27 and he tells me about a penny stock he bought and wants to know what i think ?????
I don’t touch penny stocks . it wont kill him to lose a couple hundred dollars
so i just asked him to explain to me why he bought it and what does the company actually do . the symbol was ENVV .
Kids lol ..
Joe,
It would be cool if you could post that chart. I think you might be navigating waves at the moment, so it might not be possible …
Greece has $23 Billion dollars coming due this year and they are broke and in a recession! Nobody is talking about it on the fake news networks?
open the link below and scroll down and see a Greek tragedy unfold
https://graphics.wsj.com/greece-debt-timeline/
Yes. The silence on Greece and Puerto Rico is deafening. Italy is not far behind. They are lying about the true condition of the banks they not so far bailed out.
Which reminds me about something critically important about market sentiment. People keep talking about the strength and breadth of the market as if those measures can be divorced from what ultimately drives the waves, which is human sentiment. Here is an interesting consideration. Western news media is an absolute disgrace. These lying cretins are the only source from which the vast majority of clue-less folk suffering from normalcy bias get their news. The ignorance of the masses is nothing short of terrifying. I guess what I am saying is what the market is reflecting currently in terms of devil-may-care bullishness may not at all be based on anything resembling reality. If unbridled bullish sentiment is based on a profound ignorance of the true economic climate, we have to be prepared to concede that harsh reality could come crashing down on the masses with very little advance warning. It seems to me that there is absolutely no way to account for a sudden and rude awakening, brought on by some unforeseen, unexpected trigger. While I have felt that way for quite some time, the fact that it has not yet happened does not preclude the possibility that it could. This is the main reason I for some time have counted duration of most of my trades usually in hours and not days. I think the markets are a very dangerous and unpredictable place, and have been for some time….
Hi Peter
Im home until mid august so i can post the chart.
ill show you 3 of them yet only the 1987-1929 overlay’s.
here it is weekly beginning in dec 2015 <–
http://imgur.com/QfZu8g3
and again weekly beginning though in
http://imgur.com/JYF8lqX
and the daily chart close only
http://imgur.com/suwjyyj
there are 2 others im following yet ill get to that another day .
I spent all day staining my floor prepping it for poly which
goes on tomorrow ( 1st coat ) its turning out beautifully .
Hope that is what you were asking .
I have not changed the parameters because to do so
it invalidates the theory behind it .
Joe
Yeah, those are cool. Thanks.
Peter
ill add one more, i play with spreadsheets yet i do it for fun !
this chart is not that complicated yet it takes the cycles over the decades
and converts it to % moves in this case daily % points averaged out
over the previous 9 decades . Then each day i just input the daily close.
then i paste the close in another spot and the daily close is then multiplied
by the previous 9 decades daily move % average and the rest is calculated
out into the future until we end the year ending in 9 and then you create a
new column and re calculate the percents by the next decade and so on .
This chart is very bearish .
the charts i showed you prior say something different.
I could add the Mars Uranus cycle yet ill include my own
short term timing model and when it hits its very good
yet sometimes i toss my hands up . short term swings are based
on the moon yet it is the moon compared to every planet except pluto .
( i got a bit out of hand 🙂 so pluto just was just to much work .
i use a nautical almanac for my planet position yet i plot it in excel
in lat and long , basically its the 1 year cycle and you get inversions at times.
http://imgur.com/nD66sXL
Inflection point for sure.
http://imgur.com/WrymmKr
and 60 years ago today in 1957 and ….i forget but i know i was
looking into cycles a bit .
the july 14 high and 1957 is close , yet an extension as shown
is possible
http://imgur.com/6OUymGD
July 18, 7:30 am
another massive blow-off top today
final peak will be 2:00 ish
my bold morning prediction is playing out nicely
https://s18.postimg.org/lzuch621l/july_18th_energy_stream.gif
With that long lower wick, we could be well on our way to an intra-day reversal higher. I will be all smiles if we do indeed get a blow-off move higher!
This stream was the big winner today
https://s9.postimg.org/44iaazg67/july_18th_energy_stream_alternate.gif
LOL. I love reading these threads on the free blog every week. Hilarious. Every kind of cycle, chart, explanation known to man is presented. Meanwhile, it’s obvious no one has taken the largest equity bull market in history for a life changing ride the past few years. Just using simple moving averages as entries and stops the past few years would have made you a fortune yet people continue to try to “predict” what the market is going to do tomorrow. Keep the crystal ball predictions coming as it’s very entertaining to read.
Glad you made a fortune Ben. Enjoy! 🙂
Ben, if you read Danny at Lunatic Trader’s website performance chart about Full Moon vs. New Moon stock performance you may not be so sure that moon cycles are useless.
Oh, how I love the gratuitous comments and advice from those who just love to dis cycle and technical analysis. Perhaps Ben would enjoy elucidating how he used stops and MAs to have made a “fortune” “the past few years.” While you’re at it, Ben, tell us how well you did from October of ’07 to March of ’09, or March ’00 to October ’02. The market gods eventually bailed out those of your ilk over the long term, but I would love to know if you kept a record of your drawdowns during those periods. As much as you might disdain any such predictions, you will soon find that investors will not soon be bailed out of the next bear market so easily. If you believe you can be saved from trouble by using simply stops and MAs, I’d be interested to know what MA needs to be broken to get you out of this market and do you use the same MA to get back in. MA’s are very useful guidelines but I have never found one that consistently gets you out of the market and then back in in a timely fashion without experiencing countless losing whipsaws. Kindly inform us clumsy cycle and Elliott technical analysts of your magic elixirs and we will all swear never to make a cycle or Elliott technical comment to offend you again…:)
I decided not to take the bait. I am much more interested in traders who tell me what they buy, what they sell, why, when, and for how much. 🙂
Added to Dow and S&P longs with the drop today.
One more wave up. Trading via SPY 245 calls and DIA bull put spreads.
Thanks Verne for your helpful comments and even suggesting ways how you approach the moves.
I had been expecting 2454 ES to be significant resistance. A range is now active from 2465 to 2437 and this can be keeping us grinding into the high period due Aug 4 or so. 2465-2470 am still seeing as upper border, or slight throwover.
Most welcome whitemare.
I too am grateful to Peter and others on the site who take time to share their knowledge, experience and expertise.
I Just added to my long positions as we are getting confirmation of the impending move higher with a long lower wick (which has been very reliable of late and in keeping with the idea of a corrective fourth wave). We also had an earlier clue with the green NDX candle.
I hope we get strong upward movement into the close as I would prefer to take profits intra-day. I think we do have a very good chance of at least two or three more days of nice green candles but yer can’t be too careful! 🙂
Looking for a new 52 week low in VIX the next day or two.
I also happily shorted NETFLX today. The are burning cash by the billions with no end in sight. Looks to me like three standard deviations with that move above the upper BB today. I suspect the smart money is distributing shares to the giddy newcomers who can’t seem to get enough. I also suspect we will see a bearish engulfing candle before too long.
Ben
You don’t know myself nor many of the others in this thread.
I m curious though why are you bothering to read something
you have no interest in ?
This has not been the greatest bull market in history by the way .
a very good bull market yes, but the greatest ?? not.
Tom
What ever it is your doing , keep doing it
its pretty impressive
Joe
very thin trading today in the dow futures .
as much as id prefer to be short im going to hold off.
Volume in SPX yesterday was the lowest recorded in quite a long time. On a second glance, I think today’s drop was a fourth wave not at minute but an minuette degree so minute three completes tomorrow.
We should see a move up tomorrow to a new high around 2470, then a decline for minute four to today’s price range and then a final fifth wave up. I expect Mr. Market to keep traders off balance with the new high tomorrow and a start of minute four intra-day and very possibly a red candle. He could also use up the entire session to finish the third wave up and then trap careless bulls with the decline for minute four starting in futures Wednesday evening. I plan on trading both directions. Let’s just hope we get no surprises from the futures market and price action at the open tomorrow provides an opportunity to cash out longs, and ride the larger minute four back down. Keep an eye on VIX. Inverted VIX futures (SVXY) made yet another 52 week high today and that tells us traders are wildly bullish. Regular VIX interestingly enough did print a green candle. I will be looking for higher lows in VIX during the final wave up for confirmation that we are topping.
Peter
do you think the us dollar index will test and possibly break below
its may 2016 lows ? im looking at a monthly chart .
Test – absolutely. That’s been the plan for the past year or so, imho.
It’s a flat shaping up. We’re going to the previous 4th of one lesser degree, which is the point you identified. I’ve posted that projection here previously. It will do it in 5 waves. We’re at the bottom of the third (obviously, I guess).
OK folks, NDX has made its obligatory new all time highs and while there could very well be more upside in the next few days, I am taking some chips of the table with the move up today as I think anything could happen overnight. I think we will get an intra-day reversal with one more wave up but no guarantee of course. The bottom line is that the overbought condition of this market means it is subject to a hard fall at anytime without additional warning so I will be lightening things up a bit as we go into the close.
$util
the utilities are satisfying a wave 4 upwards movement right now .
wave 1-3 fell for 13 bars and this wave 4 has now risen for 8 bars.
price is being satisfied at this time . ( 8/13=)
wave 3 lasted 7 bars , 9 bars being tomorrow would imply
wave 4 lasted 1.285 times 3 ( 7 * 1.382=9.674 )
ill consider this the moment of truth to this wave 4 high .
it really should prove itself after wednesday . hence Thursday
Friday and next week really should be down .
how this fits into the dow ndx or spx i am not considering at this point
i just have my curiosity on this one index and its present wave.
Joe
Yep. I am open to the possibility that SPX and DJI could be in a corrective wave and will turn down with NDX. I don’t think so, but now that they have all made new ATH, I think it is a possibility.
there are 2 time lines coming up for wednesday and Thursday .
May 18 low June 19 high and tomorrow July 19th .
the shorter term is June 29 low July 11 low and Thursday July 20 .
I dont know how these will play out just pointing out
the low to low to ? counts and since they are short term in nature
they are just short term market turns.
the utilities may play off these as well or we get a larger move
because of option expiry .
if the masses are short it would make sense that these time lines produce
a high of sorts .
Key support stands at last weeks lows .
July 25th to august 10th is a planetary cycle .
the august 7th lunar eclipse is probably going to be a low
of sorts which would then send the market upwards into
aug 21st . that is speculative yet it is my take .
the bearish side of this is we see a minor wave 1 down
into aug 7th 10th and a minor wave 2 up into aug 21 -22
the bullish side is new highs into Aug 21-22
the NASDAQ may fulfill while the dow fails ?
way premature to call that.
NVDA is testing its high of 168 and the 184-190 range is a fair target.
im looking to sell nvda at 180 .
if the july 14th date fails i think it is because of averaging the turn dates
versus taking them at there respective exact turns .
In this case the week of august 11th becomes the very important turn
as does the day of aug 21st .
and as i write this they are spiking the market into the close .
Nothing big yet…… short covering ???
we will see soon enough since option expiry is only days away .
end of quarter plus 20 days is July 20th as well .
Back to work . sand and first coat of poly 🙂
Joe
What a difference 5 months make. Joe, last Feb. 14 this is what you said, “Today i have changed my mind. I am not going to add to any stocks even though i have a bullish bias out into October . Why the change of mind ? I cannot find any decent valuations to justify buying more stocks . NVDA as an example has a valuation of 67 bucks and trades at 108 and change . This internet of things mind set is no
different then the tech bubble of the 1990’s . Most of these companies
are either losing money or simply trading at valuations that i cant
justify to buy into.” https://worldcyclesinstitute.com/the-problem-worldwide-in-one-word-usury/#comment-15369
Now you have a target of 184-190. Even Director Robert Burgess was not as bullish as you. He sold 50k of the 64,350 shares he owned. So he sold 77.7% of his holdings. https://www.americanbankingnews.com/2017/06/22/insider-selling-nvidia-corporation-nvda-director-sells-50000-shares-of-stock.html
I am not criticizing Joe. I am highlighting his stance to show how momentum behavior works. I have read quite a few posts wondering who are buying at these “high” levels and this is exactly what has been happening with certain stocks. Value guys were scratching their head when people bought AMZN at 300 then 400 then 500 then 700. Now it’s 1k.
It’s the central banksters. They are providing cover for insiders to cash out and sucking in clue-less retail investors buying at these ludicrous levels who will ONCE AGAIN! , be left holding the proverbial bag. This is beyond nuts and shows what a limited attention span humans are cursed with. I shorted NFLX today with a small initial position. I will be adding to it with the second close back below the upper BB.
Verne
Nasdaq comp not NDX made a new high .
Good observation 🙂
You are right. Where are my glasses??!! 🙂
Peter- do you believe in the Hindenburg omen warnings? do you think we have started wave 4 today now that the nasdaq hit a new high as you thought? thanks!
I don’t know what a Hindenburg omen is nor do I have much interest. We are not in wave 4 as I write this.
Liz H
I bought 150 shares of nvda in the 18’s i sold 50 shares at 66
and kept the last 100 to let it run looking at it from the bullish
cyclical take i had on the market .
why now 184-190 as a sell level ?? not a change of mind but a
point of view that we are now heading into a bearish cycle .
Peter has pointed out his thoughts prior explaining his reasoning
for a cycle high and when he thinks the best time frame is as well .
its been a while since he updated that but he did explain himself
and showed various currencies he follows .
If the nasdaq 100 can poke up and make a new all time high along with
the semi conductors then i think there is a real basis behind my upside
target in NVDA. But don’t take that as me being bullish nor bearish .
NVDA has become an overweight in my allocation of stocks by default .
it was once a 1 % portion and not its pushing 10%. simple money management
is what i’m looking at this as . NVDA has good sales growth as well as earnings growth yet its price per share is over priced . Not knocking nvidea just saying
it needs to go and i have to keep my cycle high’s in perspective and give it
that time to prove itself. My cost basis is below 0 in the stock.
Since Feb 2017 i have not purchased 1 stock yet i have thinned out a few .
come august i think a few more . October is a bit of a wild card as i see it today
vs back in Feb. yet that said a high in October is not completely out side of reality so i just continue to monitor the market follow the swings and lighten up as we reach each important cycle . the week of August 11th as well as the day of Aug 21 i have highlighted . variables !!!!! and Aug high and an October low ??
Or an aug 21 low and a run up into October and possibly year end ?
I held NVDA despite its over valued price. my initial target was 140 and if you look
at it , it has held that level on the pullback . If 180 fails to get hit ? 140 is the support ill watch and sell out if broken . Possible triangle ?? could be . yet at the moment im sticking to letting this market swing around and watch last weeks lows on the dow . if last weeks lows hold and we run higher then i look out to august .
so to sum it up and i do take your post constructively .
I have not change my mind , NVDA still over valued in my opinion .
anyways thats my thought process to some degree .
Joe
Lizh
my reasoning behind the NVDA target .
i posted this last week i think yet just in case
you didn’t see how im arriving at that .
i based this on a couple things yet both say the same thing.
i do pay attention to Elliot wave theory and ill admit i use other
methods as well .
http://imgur.com/iIsRMzf
Joe,
Thank you for clarifying your cost basis for nvda is less than zero.
Look at that nasty July 18 blow-off top. Oh, wait.
And the turn. Few days ago. Oh, wait.
Next time, guys, don’t worry, I’m sure is next time. It’s been next time for months, don’t get picky now.
Sorry things are not working out for you Alex. Unfortunately part of trading is accepting the reality of losses and no one is immune. Just because the market has not turned yet does not mean it will not eventually. The key is to not let discouragement and poor risk management take you out of the game. Hang in there!
Exactly.
Verne I’ve been long stocks last few weeks, when I finally decided to re-connect with reality and simply stop giving credit to all the BS. 0 shorts on my side, I’m up 10R since the start of July.
That “eventually” has been going on for at least half a year. An endless stream of complete BS including sure-fire turn dates all over the places – I’m not counting, but I’ve the the top called out quite “a few times”, I’m sure you did notice, did you? No, I’m asking for real, did you?
You can have the most solid risk management in the world, but if you’re wrong 10 times out of 10 it ends the same way. It’s not about managing risk if you’re delusional. Even if you keep it tight, you just need elementary grade economics to understand cost-opportunity: you’ve already missed out on a whole lot of money chasing ghosts.
You decide when this had gotten sufficiently ridiculous to call it out for what it is. In the meantime I’m sure we can keep waiting for “the next time”. May be today, may be in 2 years, if you don’t hold people accountable I guess it’s the same.
Now I am really puzzled Alex. If you have been long the market all this time and your account is up you should be happy! What do you care about the wrong calls of others if you got it right?
Clearly anyone who has called a top has been wrong. So what?
Won’t be the first time. I have no interest in calling tops and bottoms. I trade what I see, simple. So should everyone imho.
The turn date by Andy in June is also not applicable. It is ranging in June, there is no turn date!!!!
Selling my diamond and SPY calls on strength this morning and I am glad I waited. This morning’s pop gave a double on trades. I am still holding a few bullish put credit spreads and am carefully watching the bid on both legs of the spread for a signal of an interim top. What generally happens is the bid on the short leg jumps if a top is in.
Will be adding to my NTFLX short as it is printing a doji WAAAAAY above the upper BB. You cannot get a more reliable reversal signal than that. Can you believe that folk are bidding this animal at this level????!!! What am I missing?
since calling the top of this 3rd wave has been impossible for everyone- are there any more guesses on when the 4th wave will start? the prize is that you would be doing the impossible! thanks
By my count we are completing a third wave at minute degree. We need a corrective minute four, then a minute five up to complete the larger third wave. I am sure Peter will have a more expert treatment at the chart show about an hour from now.
you really need more guesses when the previous 67 ones were wrong?
If my guesses result in profitable trades, then I am happy to keep “guessing”! 🙂
Looking for a minute wave four down to around 2440-2450
verne- when is the big question? thanks
marc for what it’s worth, I have found that asking where is a more useful question in making trading decisions than when. We have seen time and time again how futile trying to call a top in this unpredictable market has been. I have instead trying to focus on probably price targets of the individual waves. I have been expecting for example for the current wave to end around 2470-2475, and the final wave up to get to around 2500.00
Looking at how long the waves have lasted one can make an intelligent estimate of how long subsequent ones may continue, but it really can at best be only an estimate. I think it is more important to focus on price target. I just closed be remaining long trades after SPX tagged 2470. I hope that helps a bit.
It is always a mystery to me why people come onto a forum such as this to do nothing but toss out indiscriminate derogatory comments. I come on the forum hopefully to learn from other traders what has worked for them and benefit from their own trading experience.
I am always suspicious about people who come on the forum talking about what great trades they have made, yet have never once offered any such example of exactly what they traded and when, or in any way make a positive contribution to the readership of the forum. I am frankly sick and tired of it, and will be spending my time elsewhere for a bit.
verne don’t stay away long as your sanity is so refreshing.
I am still seeing indications for Aug 4 th planetary action.
Venus maximum declination often a cycle timer.
Verne
anyone investing in index funds or index based etf’s are buying
ntflx by default . that is why we must follow the leaders .
when the market does decline and people sell those same index
funds or index based etf’s then they will also be selling ntflx by
default .
as for when do we top ?? its looking like mid august to me at this point.
3rd waves are supposed to be the longest and the strongest and this
initial wave began back in January 2016 and there is also a count from June 2016
to sum it up .
2014 2015 was basically a mini bear market and we started a new bull market
in Jan as well as June 2016.
in hindsight the bear market of 1929-1932 was a series of 3 bear markets not
just 1 bear market .
the rally from 1982 to 2000 was not just 1 bull market but a series of bull and bear markets .
From what im reading on this page lately and from what i took from peters
post this past weekend im going with the assumption that the bears are capitulating and buying , whether its just covering the shorts or real buying i m not sure.
We have been following a very defined pattern since early 2016 if it continues
we will see a top in august ( aug 21st ) . some will claim its the banksters doing this yet if so then why is the banking index failing ?
also back in 2007-2008 the banking sector got pummeled .
the bankers are not in control in my opinion .
my opinion is this , id much rather see a decent economy and a rising stock market . the bearish moves that comes i can except yet in the bigger picture
a rising trend is a good thing .
the bearish trends have there set ups based on specifics and it is at those points
you adopt a bearish stance . yet even when those set ups fall in line you cant
state that a decline is a for sure thing . the only thing you can state is that the set up exists and based on the set up then the bearish move is possible . then you monitor the market and watch for a confirmation
Verne
You trade more than I do .
I used to trade every possible swing yet I discovered it
Was a constant battle because each entry and exit point
Has to be thought out over and over again .
Trading is a guessing game . Calculated guessing but guessing .
The more we trade the more we learn . Every decision is a learning experience.
Trade the upside or the downside or do nothing are all valid choices .
It is not which message board where you will find more or less info from .
It’s the tid bits you find that you add to what you already do .
In the end you will find that you will ignore most of what you read and adopt
Your own strategy. I come here to follow Peters wave counts and I’m looking at the market
From a broader picture rather than the very short term .
I understand that 3 waves can last longer so while I have been watching for the 4 th wave
My interest is more about the top of wave 5 .
I’ll say this somewhat reluctantly. The many that have been getting short for the wave 4 will
Now fight it when the market drops and as wave 4 finally bottoms they will then fight wave 5 up by shorting it .
It’s somewhat inherent human behavior to fight the trend rather than embrace it.
That is why I think the 4 th wave will last longer then most expect . You could look at the dollar index and go back
To Peters previous take on that . Or you could look at gold or silver . Most recently I read something about a very high
Call volume on dba , the Jan 2018 20 dollar calls . But no real buying in the actual . It stalled and so did wheat .
People in general read what they want to hear . If your bearish a person will gravitate to anyone who has a bearish bias .
If your bullish you look to those who are bullish . And if either of those people flip and turn From bullish to bearish or bearish to bullish . Then suddenly they don’t know what they are talking about despite being correct up to that point .
You Verne are playing both sides of the market which tells me your flexible.
That is a very good trait 🙂
I spilled coffee on my keyboard on my laptop and the keyboard stopped working .
It’s out in the sun drying but not sure if that will fix it .
So I’m out of touch today yet can write from my phone .
Anyways Verne
Everyone is a genius in a bull market and some of those people become arrogant
Thinking they know it all but in truth they are just riding the uptrend thinking they do.
When the drop comes they will defend their bullish stance and buy the dip and then have
Their head handed to them .
I have witnessed this first hand . When the drop comes those who don’t really understand what’s
Going on will be lost .
You on the other hand are flexible so just keep doing what your doing .
Joe
question for all- as I am learning about the Elliott wave theory- why do different followers have different forecasts? prechter says one thing and Peter Temple says another and Avi Gilburt says another and I could keep going…. and what should someone do if they don’t care about these daily moves and only care about the main direction the next 6 months? what do you think happens to the equity markets? thanks
Marc, more of that many followers (for ex. Avi Gilburt) have at least two forcasts.
So you have the choice
How about telling Peter to separate long term trading discussion from short term trading discussion so that it won’t confuse us? 🙂
to all- record low VIX and record high margin debt spells disaster- I don’t care what the waves say- I predict and I could not do worse than anybody else trying to call a top in 2017 that the big fall starts in days and buying the dippers will get decimated! thanks
I’ve found my successful trades typically surface from a combination of trading styles all offering high probability turn points in unison. For example whilst anticipating a Wave 3 top I’m watching the Gann Square of Nine tool (Sqo9) for interesting time & price alignments. S&P500 strength has now pushed price to an area in the Sqo9 which ‘could’ provide resistance. I’m watching;
1576 (Oct 2007 top) plus 5 rotations = 2470
666 (Mar 2009 low) plus 12 rotations = 2480
1929 (Year of big top) plus 3 rotations = 2492
1576 top minus 666 bottom = 910 (90 Degrees). 910 plus 10 rotations = 2516. Interestingly 90 degrees from 910 on Sqo9 sits 1820
666 + 1820 (910 + 910) = 2486
Have been eagerly anticipating these prices since 2401 was bid. Yes, trading is a frustrating game and may well take us to next rotations in the 2670-2720 area? Possible, although lets consider a time square out…
2017 is opposite 1929 (180 degrees or Opposition from 1929 top). 2017 could be a big top like 1929 & 1973, its possible. Would enjoy a big Wave 5 finishing soon.
1929 and 2017 align with date of 26 July (price at 2492 would excite). These numbers also align with 100 and we are 100 months from March 2009 bottom.
Adding weight, 1973 sits right between 1929 & 2017 on Sqo9 ( = 90 degrees or Squared). A big top this year would put the year 2063 on radar, just how it works.
Gann weekly swing charts in combination with wave analysis are my ultimate trade triggers. Square of 9 and astros are mystic wonders that often surprise at big turns, don’t dismiss. All subjective, all probability, forever adjusting, good luck with your own journeys….
Now 2500 blinks in the eyes so much
Thanks for that interesting post Wayne. Gann is pretty awesome!
Wheat has retraced quite a bit of the explosive rally. Might consider getting long again!
Pound might have turned lower finally. Maybe it’s leading the way with euro to go next and then US markets.
Minute four has arrived. Look for bounce at 21 day EPA (around 2443.50) for final minute five up to around 2480-2490. Safe and profitable trading everyone.
The final wave up is going to be the best shorting opportunity of the year so take advantage! I’ll be back at the end of minute five up to let ya know how I’m trading it. Cheers! 🙂
Well euro turned the wrong way haha. Bearishness is at extreme lows already so must mean the majority are taking in huge profits being long the euro
Euro has been in an uptrend. It’s not turned yet. The drop from 1.1582 to 1.1478 was a near 62% retracement. It **may** be at a top right now and about to turn.
Yeah, it’s 3 down. Just needs a double top.
I personally think once it turns we are heading right back to new lows near parity. I’m starting to lose belief that everything will turn together when the final top comes in. Currencies are doing their own thing as traders try to predict the next moves of the most erratic central bankers this planet has seen so far.
Peter – does the Elliott wave theory say how high this wave 3 can go? thanks
Utilities Have gone higher then i expected.
the drop is now a clear 3 wave decline which leaves
the door open for another new all time high .
Transports giving a bearish view
New pro business president, interest rates are rising, several transforming technologies actually be implemented (AI applied to transportation and retail), end of decade usually bullish. 3000 easily achieved?
How does your PALS look for next 10 days
Hi Bill,
I am fully invested at moment. Seasonals have entered the mid July to mid October sell off window and so any PALS rating is countered by seasonal considerations. Distance, declination and phase are positive this week and early next week. Then later next week all PALS factors will turn negative and that will last until end of month.
I agree. I think we see a sharp C wave down ending intra-day (very typical of
c waves of late) to end minute four. A lot of bears are going to trade it as a major trend change and get trapped as price reverses for minute five up which I expect will conclude sometime next week, especially if we get a very sharp reversal and minuette one of minute five gets done tomorrow.
Fed meeting next Wednesday may make market nervous. Mega cap stocks are reporting into next week and earnings are good. Will move to cash early next week and expect price to begin to stall beginning next Wednesday.
Verne
where was the vix as well as vxo in june 1993 ?
VIX historical lows
12/27/1993 – 8.89…6+ years before market peak
12/15/2006 – 9.39…10 months before market peak
VIX most recent historical low
06/09/2017 – 9.37…how many months/years before market peak?
Hi Joe; VIX historical data can be hard to find, especially for VXO.
The CBOE website has an archive of the older data. You will have be patient as the data is often very slow to load.
http://www.cboe.com/products/vix-index-volatility/vix-options-and-futures/vix-index/vix-historical-data
BTW Joe, the data will load in a spreadsheet that you have to enlarge from your task-bar.
Verne
i got this off the web just to make my post short.
Until a revamp in 2003, the VIX was based on OEX options, but CBOE ultimately determined the switch to SPX options would provide a broader sampling of volatility expectations. However, traders can still keep an eye on the “old VIX” by tracking the progress of the renamed VXO.
back in 2003 the vix changed, and they also came out with the vxo .
so what was once based on the oex ( sp100 is now based on spx ).
to go a bit further , the oex was split 2 for 1 around the 985 area and when they did that they also changed the sp 500 futures contract from 500 per point to 250 per point .
Point being the data while historical on the vix or vxo can be considered
theoretical vs accurate .
i asked what you showed for the lows back in 1993 because here is what
my data shows .
vxo- June 1993 low was …no typo . 2.10 ( now is that the true old data ? )
then comes the new vix . 9.31 in dec 1993 .
yet retrot shows 8.93
i show the same 9.37 low in june 2017.
now ; since they split the oex in 1997 did they also adjust the vix? vxo ?
to account for this split ??
yea its academic, because of all of this i have used the vxo plus vix
and i figure somewhere in the middle the true data lays .
if it closes down here at month end then this would be an all time monthly closing low .
point being the vix+vxo has been down this low 6 times since 1993 yet it not
yet closed this low on a monthly basis ever .
The Standard & Poor’s 100 Index is a capitalization-weighted index based on 100 highly capitalized stocks from a broad range of industries. More than one billion S&P 100 options contracts have been traded since the CBOE launched the trading of options on the OEX, the first cash-settled securities product, on March 11, 1983. On November 24, 1997, the index had a 2-for-1 split.
The market value of all of the stocks in the index are added together and divided by a “divisor”, the result is the current value of the S&P 100 Index. Capitalization weighting allows for the index to accurately reflect the performance of the market’s largest and most popular stocks.
…………..
Share
Add to my pages
The S&P 500® Equal Weight Index (EWI) is the equal-weight version of the widely-used S&P 500. The index includes the same constituents as the capitalization weighted S&P 500, but each company in the S&P 500 EWI is allocated a fixed weight – or 0.2% of the index total at each quarterly rebalance.
……………………………….
order to understand how the underlying stocks affect the index, the market weight (index weight) needs to be calculated. This is done by dividing the market capitalization of a company on the index by the total market capitalization of the index. For example, if Exxon Mobil’s market cap is $367.05 billion and the S&P 500 market cap is $10.64 trillion, this gives Exxon a market weight of roughly 3.45% ($367.05 billion / $10.64 trillion). The larger the market weight of a company, the more impact each 1% change will have on the index. For example, if Exxon Mobil were to rise by 20% while all other companies remained unchanged, the S&P 500 would increase in value by 0.6899% (3.45% x 20%). If a similar situation were to happen to The New York Times, it would cause a much smaller, 0.0076% change to the index because of the company’s smaller market weight.
——————-
dow is price weighted vs spx cap weighted .
……………….
What is a ‘Price-Weighted Index’
A price-weighted index is a stock index in which each stock influences the index in proportion to its price per share. The value of the index is generated by adding the prices of each of the stocks in the index and dividing them by the total number of stocks. Stocks with a higher price will be given more weight and, therefore, will have a greater influence over the performance of the index.
So
who is buying netflix ?
index buyers by default
I think we may well get a completion of what is probably minuette C down of an abc correction for minute four today. VIX saying traders are still wildly bullish and buying each and very dip so corrections are completing rapidly. This would set us up nicely for a possible intra-day reversal in a final minute five up to conclude early next week and finish this protracted third wave.
I am starting to have some doubts about the year ending in seven crash theory, seasonal Fall weakness, and the seven Hindenburg Omens on the clock. I think we are simply running out of time to complete a corrective wave, have a final wave up to a top, and initial impulse down followed by a second wave up to set up a third wave crash scenario. I am starting to think the corrective fourth wave is going to take up the rest of the Summer and take us into September for a start of the final wave up. We may not, under those circumstances get a top in the market until 2018. Just my two cents folks.
Anybody short CMG? That thing is in a death spiral, and rodents running around all over the place probably means no relief in sight. I am looking at a few bearish call spreads waaaay out of the money just for kicks. I think it still has a long way to fall as its evaluation (like so many others) was ridiculous to begin with.
Have a great weekend everybody!
whats the target for the ABC down? we are also getting closer to a critical Pancholi time point (his biggest call of the last few years) so will be interesting see how things pan out over the coming weeks.
If it is a C wave it should be an impulse. I would expect it to find support in the area of the fourth of one lesser degree around 2460-2450. The 21 day EMA is just a bit lower around 2443 so I expect it to bounce in that area for the final wave wave up,
Verne,
I think you mean the C wave will be in 5 waves. A “C” wave is never impulsive.
🙂
The turn date outcomes have been somewhat erratic of late so I am paying less attention to them. It is much more effective to watch the price action within the context of the most likely wave count to get an idea of where things are going. These turn dates I think are only useful when they line up with, and confirm other technical indicators.
Thanks Peter you are quite right. For years I have not been able to break the habit of thinking that five C wave sequences are corrective as opposed to motive/impulsive waves. One of the reasons I am always making that mistake is I tend to think of C waves like third waves. I stand corrected! 🙂
To get into to the impulsive club, the wave has to have a first wave with 5 subwaves, a third and fifth the same. There are other five-wavers as part of corrective waves that don’t adhere to those strict impulsive rules. Impulsive waves are a subset if motive waves. I think of motive waves as impulsive waves plus ending diagonals (which are considered part of the motive club, but not impulsive). It’s something that’s never explained (that I can find) in Prechter’s book.
Yep. It took me awhile why diagonals were motive but not impulsive as that distinction indeed does not appear in either Prechter’s or RNE’s treatise.
Your explanation of course makes it clear why when the nature of the diagonal’s subwaves are considered. I guess the simple point is diagonals advance the main trend though not in an impulsive way….
Yeah, that’s a good description.
So far, this wave up in SPX from 2465 is impulsive. You can clearly see the subwaves on a 1 minute chart.
This website is for educational purposes relating to Elliott Wave, natural cycles, and the Quantum Revolution (Great Awakening). I welcome questions or comments about any of these subjects. Due to a heavy schedule, I may not have the time to answer questions that relate to my area of expertise.
I reserve the right to remove any comment that is deemed negative, is unhelpful, or off-topic. Such comments may be removed.
Want to comment? You need to be logged in to comment. You can register here.