I'm still not convinced that this uptrend is over and will be watching to see if this count shows any merit if it does approach my wave iv target area.
Not sure if the correction is already over or if there might be a few more legs to go but I still think that this trust has more room to run on the upside.
Just a chart that caught my eye today on the London Stock Exchange. Looks to have completed 5 waves up in 2017 and then double zig zagged down to a 50% correction in April 2018 before heading back up again in 5 waves. It recrossed it's 30 week MA last week on good volume. Lets see what it does when/if it hits 273.....
I find that the GBPUSD is often a great example of Elliott Wave in action but the practical problem as always is trying to work out which of the counts is going to actually happen, if at all. In this chart of another obscure etf that I like I found it interesting how the median line on the modified Schiff pitchfork acted like a magnet and a stopping point and also...
A bit of a messy chart but the dollar's refusal to make any serious correction is making this count more possible in my eyes. Looking for a break above 97.67 to feel more confident and might need to see a further small correction first. There's certainly some confluence for my proposed top.
According to this count Gold needs to begin a final leg down any moment now to give it any validity. Lets see....
Continuing to look at the ZIV etf as a road map for US equities I reckon that things are shaping up nicely for a decent Santa Rally. However, any rally may fool a lot of people into thinking that the worst is over when in fact, if this count has any merit, we may see another few waves down to continue, and maybe finish, the correction that started back in January, 2018.
This index seems to respecting this Schiff pitchfork and it's yearly pivots. Uptrend to resume?
If I am right on this count then that was an extended 5th wave down which could suggest that any rally might be a good one. At the moment, I am going with my red count as I think the uptrend that started back in 2016 may be over and oil (along with many other commodities) may be resuming it's downward trajectory. The blue count suggests that it may still have...
Of course a top could have been reached already but I reckon Apple may have one more decent leg up before any serious correction.
This count would suggest that while we can expect a decent correction in the short to medium term the trend upwards for world equities is still intact.
This count for this GBP priced Nasdaq 100 etf could suggest there may be more downside for the Nasdaq going forward (wave 4 of preceding degree might be a target).
I would need to see price break below 0.8621 to have much confidence in this count but there are a few points that give it some hope, primarily the equality of waves i and ii and the fact the extended 5th wave is double waves i and ii. With all the Brexit doom and gloom though and plausible alternative counts that are bullish the Euro, this would be a brave...
I think that this correction has further to go but this count would suggest that there is still plenty of upside in Emerging markets going forward.
Despite it's excellent gains of the last year I still reckon that there may be further room to run for this ETF.
For me, one of the difficulties with any attempts at technical analysis is factoring in your mood when looking at a chart. Bad mood = bearish count, good mood = bullish count. I guess I woke up a bit grumpy this morning as this count for commodities is about as bearish as they come. If, and that really is a big if, this count has any merits does it also mean that...
Yet another bullish take on a US sector but this time I have included a bearish alternative in the red count. I prefer the blue count.