Wave 1 of P3 - Part 1

Review of what may be the first wave down of Primary 3, and wave 2 up in the sequence. These counts make reference to a similar count in the Shanghai market, which is one of the worlds fastest growing economies.

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.

Category:

Science & Technology

Tags:

• Elliott
• Elliott Wave
• S&P
• FTSE
• Shanghai
• Stocks
• Stock Market
• Technical Analysis

[greenXpaddy]

Hey Joe

Thank you again for your great videos. Keep it up. More often would be even better!

Ok comments on Shangahi P1 - you read gives no alternation between 2 and 4 so I prefer to read that 5 started much higher?

also 1 of P2 bit messy dont you think?

YOu say wave 1 of P3 but i think you mean 1 of 1 of P3?

Thanks

paddy

[ElliottTrader]

@greenXpaddy Hi there paddy & thanks for the comments. On the Shanghai, Wave 2 looks to be a six bar (six week) affair with a clear a-b-c structure, such as a flat, whereas wave 4 is only a two bar (two week) correction that appears very sharp, as a zigzag, perhaps if one were to break it down to the daily structure. From my labels wave 1 and 2 of P3 appear to have occurred in Shanghai, though based on your comments the 2 was moved to the right slightly, above the black candle. Thanks again.

[marque1999]

Hi,

Have you seem David's counting?

I think he's counting is equally pausible...just that this time it may not be the same as the internet bubble. Not not sure about the past 2 days actions, techically move higher with lower volume.

I reckon the 10700ish level should be easily broken since those who long at this levels could have been easily shake out by last thurs "error" plunge.

[ElliottTrader]

@marque1999 Yes, his videos are very interesting and worth viewing. His current count has us reaching 1,180 before 1,150, we are in the lower end of that range now, so that count may be in jeopardy.

[candyliying]

We are in the Primary 3 now, but why will not the Gold follow the Dow? The Gold is now so bullish. Do you think that Gold this time will not drop price even though Dow is dropping?

[ElliottTrader]

@candyliying If we enter into further debt deflation, then the proposed scenario is that investments such as stocks and bonds lose value in an unprecedented way. When they do, companies, investment firms and individual people would be required to raise cash to meet margin calls, pay major bills, etc. Should that occur, they would sell out their gold positions to help raise this cash, and it is likely that gold would decline. In my view it would be the 'last' to decline, though.

[candyliying]

Hi ElliottTrader, we are now in wave 2 of Primary 3. in my observation, the wave 1 of Primary 3 is sharp and quick, finished within 2 weeks. While the wave 2 now seemed to be lasting long, and may be flat. is that So? and is that tipical?

thanks

[marque1999]

@ElliottTrader Gold is a different commodity. Inflation/Deflation it will still go up. The recent euro problem push GOLD to/near a/the new high.

Longer term, bull on GOLD.

[marque1999]

@candyliying Pardon me, I dont heard him talking nothing about GOLD

[candyliying]

so nice to learn from you again.

based on this video, we are now in the wave 2 up of the Primary 3, and when the wave 3 down of the Primary 3 comes, how much low will it hit based on your wave analysis? take Dow for example.

thank you very much