Normally when analyzing the US stock market my focus is on the SPX which usually has the clearest Elliott wave patterns. From the SPX January 2018 top, there are three different ways to count what appears to be a completed Elliott wave Horizontal Triangle. The Nasdaq Composite (IXIC) from January has a much clearer wave count.
The IXIC appears to be forming an Elliott wave Ending Diagonal Triangle (EDT) after completing a Horizontal Triangle. The supposed wave "i" - boxed was 879.60 points x .50 = 439.80 added to the supposed wave "iv" - boxed low of 7604.20 targets 8044.00 for the EDT termination point.
Usually the fifth wave of an EDT will have a brief throw over of the trend line connecting the termination points of wave one and three. If the IXIC hits near its price and time targets it appears there could be a throw over.
The fifth wave of an EDT's are usually shorter in time than the third wave. The trading days of wave "iii"- boxed times .618 and added to the wave "iv" boxed bottom targets 8/13/18.
A few weeks ago I posted that the SPX was approaching the same time length of the SPX 1990 to 2000 bull market - nine years and five months, with the SPX bull's-eye target date of 8/20/18. Both bull markets (1990 to 2000) and (2009 to 2018) are separated by many years, an SPX top anytime in August 2018 would be considered a hit. The shorter term IXIC time target ties in with the larger SPX time target.
Fascinating, thanks! I notice today Dow made 0.786 retrace exactly in what appears to be a possible B reaction wave. 25499 Fibo; close at 25502.
Sand P has made a new high - a double top - and both indexes appear ready for a breather. But now I wonder whether we might just get expanded flat, then higher.
Every time I think; "That's gotta be it now" and step out it moves up again, lol.
Thank you Mark, it will be interesting to see if the S&P 500 and Dow go on to make new highs.
The European markets are looking a lot weaker now than the U.S.
Paul
Sand P has made a new high - a double top - and both indexes appear ready for a breather. But now I wonder whether we might just get expanded flat, then higher.
Every time I think; "That's gotta be it now" and step out it moves up again, lol.