If Primary wave 1 finally ended, this the preliminary path for the remainder of 2023. The ABC waves are based on common movement and duration if Primary wave 2 is 278 hours long and moves up 307 points which are the preliminary targets. Once Intermediate wave A ends, updates for B and C (same endpoint as Primary wave 2) should be available. These targets are almost too perfect to be the specific reversal points, but the reversals should exist in the highlighted zones. The percentage levels on the far right have not changed from the last analyst however, the end point in the final week of December is an adjustment based on the two extra days added to the end of Primary wave 1's analysis from Wednesday. Some good volatile trading ahead.
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good start to Primary wave 2
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Today's close could end Wave A3.
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Based all the current market positon overshooting all potential Intermediate wave A targets which were based on a final Primary wave 2 target of 4373, the Primary wave A target is likely between 4416 and 4472. The pace of the movement likely infers Primary wave 2 will end early to mid-December as opposed to the final week. Still a strong start. Definitely expect a Wave B pullback next week.
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Looks like wave 3 signals finally ended. This is the new rough path for 4 down and the final 5 top. Not run through program yet. Maybe end 4 at close on Monday, finish 5 (and Int A) by close of Wednesday. Powell somehow takes market down Thursday for about a week. This raises the new high for Intermediate A to around 4415-4422 area. More specific analysis to come this weekend.
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Wave 3 is currently 14 hours long and Wave 1 was 16 hours, which means wave 5 should be 14 hours or less.
@Somerandodude, It does not appear to have occurred yet. I just published the possible wave 4 action this week here:
dyas7233
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I am not familiar with Elliot wave theory but what area (or range of areas) would you be looking at as a pullback for next week? And if you care to explain, how would you use Elliot wave to determine that?
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@dyas7233, I use a modified wave theory which includes some of the Elliott Wave principles, but I do not use them as make or break principles. I am looking at two possible pullbacks this week. The first would likely be for the bottom of Minor wave 4 (around 4300-4310). Afterward, the market should move up to complete Minor wave 5 before the close on Wednesday and likely no higher than 4410-4420. I would not be surprised if we barely break back above 4373. Then the next leg down should last a week or more with to be determined levels. Here is the latest analysis:
dyas7233
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@StonkSignaler, thanks for the additional explanation and updated analysis.
davidkalop
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what a blast off. any update based on the recent events and price action. 200 points in 4 days
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@davidkalop, I posted an update today before the close. We have to be ahead of schedule. I figure wave 3 just completed of wave A. Wave 4 should take the market down tomorrow and give up some of today's gains. Wave 5 and wave A will likely top by Monday/Tuesday next week and then we begin a slightly deeper drop for the rest of the week. At this current pace the market top and end of Primary wave 2 will occur well before December.