It's been a while since I updated followers on the SP/ES. I recently moved my daughter to Spain after graduating from college...so my wife and I are really just getting used to an empty house.
Nonetheless, let's get into it.
First and foremost, the primary circle B wave will be taken off the chart, and that clears things up for us. Why does it clear things up? New Highs leaves up with no current down side set ups...so essentially we should get continuation higher in a completion of our Ending Diagonal. I want address a question several followers had previously asked and in doing so, should aid me in my communicating my forecast.
Question: Why isn't this pattern off the October 2022 lows a leading diagonal in wave 1, versus wave 5 like you're counting it?
Because this pattern overlapped as indicated on the chart it cannot be counted as an impulsive pattern. Sure price has moved higher and we're now at new all time highs. I am counting it as a motive wave, but as an Ending Diagonal. The argument seems academic at this point because price has retraced all the declines from January 2022. I continue to think there is merit in classifying the pattern correctly...but only the decline will prove me right or wrong. Additionally, some have argued with me for a year or more, that this move off the October 2022 could be a leading diagonal. I have shared my views on leading diagonals quite extensively. Many may disagree. I don't believe leading diagonals are a pattern. I will spare you the context again...but if you are interested, I suggest researching LD's. You'll find that the Elliott Wave community at large is wishy-washy on the subject. Nonetheless, if my analysis is correct and we are completing an ending diagonal, or about to, the price reversal will be swift.
As of today, I am torn with this being the a-wave of a 3 wave 5 of V of (III) or all of 5. With so many of the key stocks I track that make up a large percentage of the index in their respective wave 5's. I think we'll find out soon enough.
Nonetheless, let's get into it.
First and foremost, the primary circle B wave will be taken off the chart, and that clears things up for us. Why does it clear things up? New Highs leaves up with no current down side set ups...so essentially we should get continuation higher in a completion of our Ending Diagonal. I want address a question several followers had previously asked and in doing so, should aid me in my communicating my forecast.
Question: Why isn't this pattern off the October 2022 lows a leading diagonal in wave 1, versus wave 5 like you're counting it?
Because this pattern overlapped as indicated on the chart it cannot be counted as an impulsive pattern. Sure price has moved higher and we're now at new all time highs. I am counting it as a motive wave, but as an Ending Diagonal. The argument seems academic at this point because price has retraced all the declines from January 2022. I continue to think there is merit in classifying the pattern correctly...but only the decline will prove me right or wrong. Additionally, some have argued with me for a year or more, that this move off the October 2022 could be a leading diagonal. I have shared my views on leading diagonals quite extensively. Many may disagree. I don't believe leading diagonals are a pattern. I will spare you the context again...but if you are interested, I suggest researching LD's. You'll find that the Elliott Wave community at large is wishy-washy on the subject. Nonetheless, if my analysis is correct and we are completing an ending diagonal, or about to, the price reversal will be swift.
As of today, I am torn with this being the a-wave of a 3 wave 5 of V of (III) or all of 5. With so many of the key stocks I track that make up a large percentage of the index in their respective wave 5's. I think we'll find out soon enough.
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