I do like your read but it somehow looks wonky on the waves of lesser degree. Your count is pretty much on its own. EWI does not see it that way. Bravo if you are the only waver to call it. Lets wait and see what today holds
I'm going to agree with the 'wonky' assessment, especially when I look at how they opened up the London FTSE on a massive gap this morning before our markets opened. Although it has not made a new high (yet), it is a sign there is clearly another force operating such that markets open on gaps and (often) don't come back to even touch the unchanged level. Some would call it a bull market but it is looking more and more to me like central bank manipulation in the light volume.
It's also worth noting that EWI called for 9,600 - 10,000 on the DJIA as the top. At least, these are still the published figures in the Theorist and Financial Forecast. Prechter has been on TV recently saying "investors should be in all cash". So, there seems to be a mixed message here, too.
At the end of your demonstration, your analysis, you have the chart marked "Fifth wave failure". Is that what "you" believe to be true. Meaning that it is not the fifth
wave and that the fifth wave is yet to come. Another way to think of it is: "I" assume that the fifth wave would be a top. It seems you are saying that a higher top is yet to come. Thanks
Ok thanks for clarifying the question. The usual interpretation of a "failed fifth" is that it is the last movement upward before impulsive movement lower, i.e. the final high. However, that count is being called into question by markedly higher futures before the economic reports. We'll have to see how it plays out.
Right now my count is a wave-i, down, wave-ii, up, followed by a smaller degree wave(i), down, which was this morning's low, followed by a near 100% retrace to a similar degree wave (ii), up, around noon time. This afternoon, it appeared we had started the smaller degree wave (iii), down, but that may yet have to complete tomorrow. The big question is whether we will break the daily uptrend channel and start filling more of the close-to-open gaps to the down side, like we did today.
Excellent video Joe - really clarify's the patterns.
I'd be interersted in your view of the Toronto Stock Exchange - looks similar to the Dow and the S&P but I've had some difficulty applying the trend channels. Any help would be appreciated.
Yes, the chart looks very similar to the S&P from an overall perspective. Relative to the parallel trend channels on the intraday, it looks like your fifth wave (early this morning) made a new high but still failed at the mid-channel line and proceeded lower. Not having the failure may provide you with a cleaner launching off point for any downward count (lucky you! lol, as ours is being made very, very messy by the Federal Reserve continued intervention).
I was really impressed with your video! It's been almost exactly 6 months since I started learning EWT and I have to say I really learned a lot watching this video. I look forward to more. :)
Thanks very much for the great comment, and if there is a particular topic you would explored sometime or a question you'd like answered, let me know and I'll see what I can do, particularly if the market is exploring that structure at the time. And best of luck.
Your very welcome and if I can help answer any particular question, please let me know. Meanwhile, good luck with your studies. I have found it very rewarding.
Great video man
StockTradingMaster 1 year ago
I do like your read but it somehow looks wonky on the waves of lesser degree. Your count is pretty much on its own. EWI does not see it that way. Bravo if you are the only waver to call it. Lets wait and see what today holds
greenXpaddy 1 year ago
I'm going to agree with the 'wonky' assessment, especially when I look at how they opened up the London FTSE on a massive gap this morning before our markets opened. Although it has not made a new high (yet), it is a sign there is clearly another force operating such that markets open on gaps and (often) don't come back to even touch the unchanged level. Some would call it a bull market but it is looking more and more to me like central bank manipulation in the light volume.
ElliottTrader 1 year ago
It's also worth noting that EWI called for 9,600 - 10,000 on the DJIA as the top. At least, these are still the published figures in the Theorist and Financial Forecast. Prechter has been on TV recently saying "investors should be in all cash". So, there seems to be a mixed message here, too.
ElliottTrader 1 year ago
At the end of your demonstration, your analysis, you have the chart marked "Fifth wave failure". Is that what "you" believe to be true. Meaning that it is not the fifth
wave and that the fifth wave is yet to come. Another way to think of it is: "I" assume that the fifth wave would be a top. It seems you are saying that a higher top is yet to come. Thanks
rockerme4u 1 year ago
Ok thanks for clarifying the question. The usual interpretation of a "failed fifth" is that it is the last movement upward before impulsive movement lower, i.e. the final high. However, that count is being called into question by markedly higher futures before the economic reports. We'll have to see how it plays out.
ElliottTrader 1 year ago
Do "you" think the fifth wave failed. Is it possible the market fooled that assumption.
rockerme4u 1 year ago
I'm not sure what you mean. If you'd like to explain further I could try an answer.
ElliottTrader 1 year ago
Well your count held there jo though it waited long enough to confirm lol
greenXpaddy 1 year ago
Whew! But that's what's going on in an artificially propped up market.
ElliottTrader 1 year ago
What software do you use to manage your charts?
mquartarone 1 year ago
Will respond via personal message.
ElliottTrader 1 year ago
or that could have been b of 2 down to 1165
greenXpaddy 1 year ago
Right now my count is a wave-i, down, wave-ii, up, followed by a smaller degree wave(i), down, which was this morning's low, followed by a near 100% retrace to a similar degree wave (ii), up, around noon time. This afternoon, it appeared we had started the smaller degree wave (iii), down, but that may yet have to complete tomorrow. The big question is whether we will break the daily uptrend channel and start filling more of the close-to-open gaps to the down side, like we did today.
ElliottTrader 1 year ago
Your count is on the line right now. Wave ii of 3 is pressing 1175
greenXpaddy 1 year ago
Excellent video Joe - really clarify's the patterns.
I'd be interersted in your view of the Toronto Stock Exchange - looks similar to the Dow and the S&P but I've had some difficulty applying the trend channels. Any help would be appreciated.
Again - very well done edu video!
mquartarone 1 year ago
Yes, the chart looks very similar to the S&P from an overall perspective. Relative to the parallel trend channels on the intraday, it looks like your fifth wave (early this morning) made a new high but still failed at the mid-channel line and proceeded lower. Not having the failure may provide you with a cleaner launching off point for any downward count (lucky you! lol, as ours is being made very, very messy by the Federal Reserve continued intervention).
ElliottTrader 1 year ago
I was really impressed with your video! It's been almost exactly 6 months since I started learning EWT and I have to say I really learned a lot watching this video. I look forward to more. :)
NgheMua77 1 year ago
Thanks very much for the great comment, and if there is a particular topic you would explored sometime or a question you'd like answered, let me know and I'll see what I can do, particularly if the market is exploring that structure at the time. And best of luck.
ElliottTrader 1 year ago
Awesome!
Schweizer135 1 year ago
I'm relatively new to elliot wave analysis, but find your interpritation very informative and professional. Many thanks
skipiste1 1 year ago
Your very welcome and if I can help answer any particular question, please let me know. Meanwhile, good luck with your studies. I have found it very rewarding.
ElliottTrader 1 year ago