This is a continuation of the Wave counts I have been doing here for over 2 years. Having completed 5 waves down, which conform to elliot rules (look closely to the wick wave 4 does not cross into wave 2, wave V goes beyond wave III) etc. We have completed wave A UP and now looking to go down on wave B.
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"Wave III" looks like Wave !!! but it is roman numeral 3. The more major waves of 3 kinds of waves on the chart... In a monthly time frame we are still in wave 3 down.
All 3 levels of waves shown here have completed wave 5.. If we can break down through the yearly pivot we should sail down for a while...
I find it amazing that Elliot described the Markets we see today... In the early 1930's nobody thought the DOW would ever climb above 100, Elliot predicted a Grand Supercycle Bull market that would last for centuries (to read the story read Prectner's book The Elliot Wave Principle, you can get it on Kindle cheap, or listen to it on Audible).
I believe the reason a lot of people who never read the book and don't understand Elliot Waves think they are subjective is what happens after an ABC correction in a massively manipulated Bull market like we have had for 10 years. After each set of 5 waves there is an ABC correction, but after 3 sets of 5 waves, like in the last 10 years (see My Ideas posted back in 2016) you get a pattern called a Tripple Thrust a lower high that rolls over and goes down just like we see here... So my point is in the last 10 years they have never allowed a 38% or a 50% correction.. JP Morgan and Goldman can do this, anyone tries to short they both come on the bid and buy 10,000 ES each... so for 10 years each time we got a correction they would allow only the most minor of corrections and when the ABC could have turned into a 4th wave followed by a 5th wave down they stopped the correction and took it back up. When you have billion and billions of dollars of ES, YM and NQ you can easily do this, especially at night here in the US in the GLOBEX session.
If you don't think the markets are manipulated ask yourself this... Why is it that 92-97% of all Engineers, Doctors, Lawyers, Computer Scientists, Mathematicians lose money when the actively trade... These are unusually smart, talented people.. by sheer odds they out to succeed half the time, bu sheer luck... why? market manipulation.
So the owners of the biggest gambling casino in the world have finally allowed a reasonable size correction... But the games never stopped... You can't just short this, not even with 1 YM contract $5 a share... they take it down buy billions of ES and YM on Monday night then sell all day on Tuesday if you went short on Monday, or long on Tuesday and let it run against you w/o a stop they will bankrupt a $20,000 Futures account in one day... then they rinse and repeat... Here is an example of some giant block trades we never saw...
I believe the reason a lot of people who never read the book and don't understand Elliot Waves think they are subjective is what happens after an ABC correction in a massively manipulated Bull market like we have had for 10 years. After each set of 5 waves there is an ABC correction, but after 3 sets of 5 waves, like in the last 10 years (see My Ideas posted back in 2016) you get a pattern called a Tripple Thrust a lower high that rolls over and goes down just like we see here... So my point is in the last 10 years they have never allowed a 38% or a 50% correction.. JP Morgan and Goldman can do this, anyone tries to short they both come on the bid and buy 10,000 ES each... so for 10 years each time we got a correction they would allow only the most minor of corrections and when the ABC could have turned into a 4th wave followed by a 5th wave down they stopped the correction and took it back up. When you have billion and billions of dollars of ES, YM and NQ you can easily do this, especially at night here in the US in the GLOBEX session.
If you don't think the markets are manipulated ask yourself this... Why is it that 92-97% of all Engineers, Doctors, Lawyers, Computer Scientists, Mathematicians lose money when the actively trade... These are unusually smart, talented people.. by sheer odds they out to succeed half the time, bu sheer luck... why? market manipulation.
So the owners of the biggest gambling casino in the world have finally allowed a reasonable size correction... But the games never stopped... You can't just short this, not even with 1 YM contract $5 a share... they take it down buy billions of ES and YM on Monday night then sell all day on Tuesday if you went short on Monday, or long on Tuesday and let it run against you w/o a stop they will bankrupt a $20,000 Futures account in one day... then they rinse and repeat... Here is an example of some giant block trades we never saw...
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