Wave 2 of P3 - Part 2

Second part of a series on what may be Intermediate Wave 2 (up) of Primary 3 wave down in Elliott Wave theory.

Nothing in this video is to be taken as trading or investment advice. This video is educational only and explores whether or not the Elliott Wave theory can be useful in determining market direction. It also serves as education on Elliott Wave Theory and on recent market history. It is not a solicitation to buy or sell any securities.

Category:

Science & Technology

Tags:

• Elliott
• Elliott Wave
• Stocks
• Stock Market
• FTSE
• NASDAQ
• Shanghai
• Technical Analysis
• Andronichuk

[matello18]

joe whats going on!!! are you able to give your view on what current count were in?

[ElliottTrader]

@matello18 Clearly today invalidated the previous count. This was clear when the potential wave 1, bottom was exceeded to the downside. My count was attempting to take the light summer volume "seasonal factor" into consideration but the power of P3, down, took over and invalidated the count. As stated in the previous video it was unclear if "A" was just an "A" wave, up, or the final move to wave to Intermediate Wave 2. The latter seems more likely now.

[rockerme4u]

Good Job, you deserve a shout out for the analysis work.

[ElliottTrader]

@rockerme4u Thanks very much the feedback is greatly appreciated!

[KaZoom1618]

Very educational presentation, ET. Nice!

Did you choose the bottom of wave 3 as the upward fib fan anchor by design, or because it 'fits' better than choosing the bottom of wave 5? (since you used top/bottom for the downward fib fan)

KaZoom

[ElliottTrader]

@KaZoom1618 Thanks very much KaZoom. Similar to the last video in which both a 'top to bottom' and then a 'top to top' relationship were chosen to explore any possible time relationships that might be convergent, this video used the top of the market and the wave 5 bottom for the downward relationship, and then looked at wave the three bottom and wave A top to see if there might be a convergent relationship, also. That there was seemed beyond coincidence.

[mquartarone]

Great analysis Joe! 

[zeuthuk]

Nice clear analysis, Ive been looking at a similalr channel on the FTSE and believe the markets will start to move North next week. I was looking for the FTSE to close nearer to 5000 but see a move up rather than go lower to form a triple bottom on the DOW. But ultimately the case for a bigger correction looks is gathering support and I think I will be shorting both the DOW and FTSE when this next move is complete.

[cosmicguerilla1]

amazing video  ,

it all looks good to me , plus it will form a huge bear flag and then, kaaabooom !

down we go .

cheers.

[ElliottTrader]

@matello18 Thanks very much. Always keep in mind an alternate is 1,down (to what is now wave B) and a small 2, up, as well. But the posted analysis is the one that provides me with the most evidence.