Neilbob

Neilbob

looking at an alternative.... the problem I've had is the ABC to bottom DEC 24th does not count well for the B to C move. In a zig zag the B to C should be 5 subwaves. In this chart it does not count well as 5. In my chart it counts better as 3's. If its corrective what might be the higher level is a ABC flat to a 2. Thoughts?

Neilbob

Watching 3 items. all in the same area. It is quite possible the retracement is near complete. Yes it has fooled me as to its length and duration. But the what head fakes do, don't they. 78% retracement RSI topping Down trend line (red) Two counts 1,2 (1),(2) this is very VERY BEARISH. This count invalidates at about 2798 and WXYXZ just slightly bearish just Z to go.

Neilbob

sorry but I just can t see this DEC-JAN move as motive. Shifted count a little bit. Moved B to prior peak and now 4 only has a little bit of room to roam. Be careful of the head fake here ( wave 4)

Neilbob

4 can not enter 1. reaching critical area. RSI is weakening. Will be critical next few days on this count.

Neilbob

4 can not enter wave 1, so for this count above 2532 and this extended 3 count is thrown out.

Neilbob

update prior chart with more added. I'm in TVIX while this this wave plays out.

Neilbob

I'm long this while the Elliott Wave patterns on markets are pointing down , see my EW counts on SPX

Neilbob

since it is notceable I'm trying to fit a 3 of 3 of a C to the EW count. and yes before you send me hate mail.... the A or B could be a 1, 2 which makes the bear longer.

Neilbob Updated 

ABC correction ? where C = 100% of A