“To begin with, diagonal triangles are very rare.” Robert Prechter, The Elliott Wave Theorist, August 5, 2009 Perhaps not as rare as he made out. Certainly not in the past year or so. Ending diagonals been appearing with some frequency. We had one at the bottom of the A wave in gold, although not with a… Read more
Market Forecast Overview
We’re very near a top. I don’t think there’s any logical discussion to the contrary at this point. Society is turning decidedly negative, and the revolution is becoming more and more obvious to the “enlightened.” As well, in an impending depression, commodities always drop first (oil and gas are a great example, as is the… Read more
The Daily Sentiment Indicator on Friday was up to 87%, which isn’t quite a record, but close. That forewarns that all the money is in the market and the players are feeling pretty good about their progress to date. It is not a forecaster of more good times to come. Quite the opposite. It means… Read more
Update Friday, July 8, 3:15 PM EST Above is the 60 minute chart of ES showing an expanding triangle, which is different than a diagonal (although both are triangles). This is what Purvez was referring to in his recent comment and I think it looks more like the pattern we have now (than a diagonal), which… Read more
Update Thursday, June 30, 1PM EST Here’s ES with the count to now. We have a corrective wave up. It will no doubt end at a fib number. The latest is about 2103. I had warned on the weekend that this is not a market that’s easy to predict. But it still lends itself to… Read more
Andy Pancholi’s Market Report Video Here’s a link to Andy’s new market report video. In it, he takes you through the June report and shows you how to use it. http://cyclesanalysis.evsuite.com/mtr-20-june-2016/ ___________________________ Update Wednesday, June 22, 6:30PM EST Above we have the 30 minute chart for the SP500. We still appear to be working through this… Read more
Update Friday morning, June 17, ~10AM EST Above is a 3 minute chart of SP500 this morning. It’s not a typically motive wave, but rather an A wave with 5 subwaves. I’ve drawn on lines that show where the retrace might go down to. The wave is short in terms of meeting the previous 4th… Read more
Update Friday, June 10, 10:30 AM EST Above is the 60 minute chart of ES (emini SPX futures). I’m showing the possible expanding ending diagonal. The final wave would be go up in three waves past the upper trendline (the throw-over) before turning down for good. I’ll post the alternate converging ending diagonal on the… Read more
Update Friday, June 3: Before the Open Above is the 60 minute chart of ES (emini futures) this morning after the labor report. We dropped as I’d expected and this is the pattern I was seeing yesterday, and if it holds, a possible ending diagonal shaping up. USDJPY has technical damage so we’ll wait see what… Read more
