And we sure got some excitement this week. When markets get so emotional we tend to get better waves and in our book one thing is clear : more downward pressure is needed before completion of the decline.
Nevertheless we still see it as a correction within an ongoing bull market for the same reasons as before. The AD summation line has not produced divergences at the recent high as we usually see on the onset of a major bear market. Furthermore bear market don't start with that much emotion. So we are sticking with our expectation for a ZigZag down.
Wave A is most likely over. We are now in a choppy wave B rally that will be difficult to forecast. We always say that the B stand for bitch. Minimum expectation is 3 waves but most likely a much more complex series of 3 waves going up and down confusing everybody before we start another leg down but this one should be smoother. A more orderly decline if such thing exist.
Maybe something similar as we have seen in the spring-summer of 2010.
@fakhan, Thanks but be careful with my future forecasts. The next couple of weeks might be much more difficult to predict. Thanks for reading
jeffreyjim
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"Nice Post" -- Thanks
You are correct -- "B" Waves = Bitch
This is "One" of many "Elliott Wave Counts" to think about at this time 2-11-18
"Elliott Wave" is like playing the game of -- "Chess"
The more moves one can figure out the better player you could be
yauger
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@jeffreyjim, yep you are right. Markets are patterned and probably Elliott was right with his 13 possible patterns but that does not give any power to anybody to "predict" the future path of any financial instrument. I like to stick to highly reliable patterns and stay on the sideline when it is not.
jeffreyjim
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@yauger, "I" agree that is why other tools are very helpful to use with "Elliott Wave Patterns"
Indicators -- cycles -- trend lines -- moving averages -- gaps -- to name a few.
Then you have a much better chance of being correct. Timing a market can be very difficult.