Monday, October 10, 2016

TPT - No, Not a New Trade Agreement

... just a Tricky Potential Triangle. Today, even though it was a holiday, of sorts, we updated the S&P500 triangle count during live chat as follows.

SP500 4-hour Potential Triangle

Due to the light volume, we think all that happened on Friday was that the minute-d wave (circle d) became slightly longer in time, and that was  the reason for the three waves down on Friday. We think the purpose for this was related to the Dow Jones Industrial Average : the Dow did not have the upward overlap on the A wave on Friday. It only did that today, validating potential triangles now in both the S&P500, and in the Dow.

We did count a clear five-waves down in both indexes from the potential wave minute-e (circle e), and so further downside movement of some type is expected. You'll note there are more downward overlaps, light volume, and price is moving sideways : all still characteristic of a triangle.

Time will tell.


  1. In a sideways market like THIS one has been there are bound to be MANY different Elliott Wave counts. So I’ll like to add mine into the ring.

    Good Luck to All

    P.S. This is for the DJIA


  2. Thanks again Joe!

    Took a position short at the gap down opening this morning with a stop set at yesterday's close.

    All I can say is THANK YOU, THANK YOU, THANK YOU!