Elliott Wave Analysis of the Dow Jones Industrial Average by Sid from ElliottWavePredictions.com

Covered topics are: 1) examination of the quarterly, weekly, daily, & 240 minute charts, 2) the similarity of the movement since January 2000 in the Dow, and the sideways, choppy Cycle degree wave 4 from 1966 through 1982, 3) a target date for a turn in the US stock markets, as well as the US Dollar Index, and 4) the Dow-Theory non-confirmation that has formed in the Dow Industrials/Transports.

To see my alternate counts for the Dow, as well as my main and alternate counts on all the major US and international stock markets, commodities, and currencies, please join me for one of my "live" weekend webinars, or just access the most recent 2-hour recording(s). Check ElliottWavePredictions. com for complete details. Thanks . . Sid

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[jeffwatson001]

in the area of the previous fourth wave of one lesser degree which would be in the area from the 1929 high to the 1932 bottom. It should also fall to the bottom of the Supercycle degree trendline from the 1932 low. It should also likely underthrow the trendline since Cycle wave V overthrew the upper Supercycle trendline. How do you fell about this not being the case with your count?

[SidsCharts]

@jeffwatson001 - I'm aware of all those targets, which are based on a few of the Elliott guidelines, but they are not RULES. I find it much more indicative that so far, since the y2k GS3 top, we've seen a textbook expanded flat, which clues us in that if GS4 is still underway, and I think it is, we are definitely involved with a SIDEWAYS correction. Extensions of corrective patterns (WXY's) serve to buy TIME, while continuing in a general sideways fashion.

[CaliforniaArchitect]

Sid I like your analysis of the DOW, but it doesn't quite work for the S and P because there is a wave one and four overlap unlike in the DOW. That means that the S and P cannot have a 1,2,3,4 and 5 ending wave count but some other count like a triangle. What's your opinion.

[SidsCharts]

@CaliforniaArchitect - I'm actually expecting the S&P to be in the final wave 5 now of an expanding ending diagonal. The overlap of wave 4 into wave the price territory of wave 1 in the S&P is actually the reason I am expecting a non-overlapping blue 12345 impulse inside the final black 5 for the Dow. This will allow the two indices to essentially move together over the next 3.5 weeks to the target date for the top, despite one having an overlap, and one not.

[nevadaxtube]

Thanks Sid. Great job as usual.

I think your analysis was very well thought out. As a side note, was your gold target count ($1586-$1589) invalidated or was it close enough to still be valid?

Cheers.

[SidsCharts]

@nevadaxtube - Thx NXT . . Considering that the wave 5 in Gold started all the way back at $703.50, and that Gold has been consolidating right around my 1589 fib target, and that the MACD on a 360 minute chart showed major divergence 5 days before the 1611 top,,I'd have to say that the target was a success . . so far. However, considering the big divergence, I would have expected Gold to sell off much more than it has since it hit that high 3 days ago, so the jury is still out.

[jeffwatson001]

Great video as always. Your Elliott Wave work is some of the best out there, but I do have a few questions:

I do not disagree with your count, but how do you feel about Bob Prechter's count that we have been in an expanded flat since 2000 and are currently in Primary wave two?

The only thing that I do see as probable about your count is if Grand Supercycle wave IV takes the form you see, then it will not fall far enough. Grand supercycle wave IV should of course bottom in the area of the

[robertplant634]

I think charting the DJIA over long periods of time is a waste of effort... How many companies that were in the DJIA during the Great Depression are in it now? General Electric. That's the only one to my knowledge.