ZigZag Fractals - Part 2 of 3

Follow-up on short-term stock market progress following identification of the zigzag fractal at both the daily and weekly cycles using the S&P 500. Nothing in this video is intended as trading or investment advice. This video is educational and explores the question of whether Elliott Wave theory is valuable in real time market analysis or not. This video also helps to provide historical market perspective and explore topics not often available to the general public. Please comment on and rate the video so others can help assess the quality of the presentation and the content. If you have not viewed the prior video in this channel, "ZigZag Fractals", it would be helpful to do so before this one.

Category:

Science & Technology

Tags:

• Elliott
• Elliott Wave
• Stocks
• Stock Market
• S&P
• FTSE
• S&P 500
• Technical Analysis
• Andronichuk

[greenXpaddy]

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

[ElliottTrader]

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]

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.

[rockerme4u]

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

[ElliottTrader]

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.

[rockerme4u]

Do "you"  think the fifth wave failed. Is it possible the market fooled that assumption.

[ElliottTrader]

I'm not sure what you mean. If you'd like to explain further I could try an answer.

[StockTradingMaster]

Great video man

[ElliottTrader]

Will respond via personal message.

[ElliottTrader]

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.