Long Term DJI Bullish and Bearish Elliott Wave Counts Part Two
The DJI rally from December 2018 to February 2020 is very choppy with wave overlap. I noted several time during 2019 that the rally could be the first wave of an Elliott wave Ending Diagonal Triangle. In this structure all five waves subdivide into three waves or a combination of three waves. In this case Minor wave "1" subdivided into a double Zigzag.
If this count is correct Minor waves 3 though 5 will be next, opening the door for a new DJI all-time later in 2020.
Note that the DJI on 2/28/20 bottomed just below a .618 retrace of the December 2018 to February 2020 rally.
Even more fascinating the DJI June 2019 correction bottomed at 24680.60 the bottom on 02/28/20 was 24681.00 - a Bulls Eye Hit!
Based just on these two very import levels holding, there's a very high probability that at least a near term bottom is in place. High probability of a rally for at least a few weeks.
Subsequent post will detail momentum evidence.
Mark
If this count is correct Minor waves 3 though 5 will be next, opening the door for a new DJI all-time later in 2020.
Note that the DJI on 2/28/20 bottomed just below a .618 retrace of the December 2018 to February 2020 rally.
Even more fascinating the DJI June 2019 correction bottomed at 24680.60 the bottom on 02/28/20 was 24681.00 - a Bulls Eye Hit!
Based just on these two very import levels holding, there's a very high probability that at least a near term bottom is in place. High probability of a rally for at least a few weeks.
Subsequent post will detail momentum evidence.
Mark