For today's post, here's a freebie on YouTube from Elliott Wave International. All I will say is that it is interesting that they now have adopted my equity count, and not the other way around. After all, it was they who initially taught me to count waves.
There are also some other interesting relationships and data points.
As always, you can make the video larger by clicking the [ ] (full screen) icon in the lower right of the video.
Have an excellent rest of the day and evening.
TraderJoe
We call that the student becoming the master!
ReplyDeleteWhat was their previous count?
ReplyDeletePrechter called for the decline after the 2021/2022 top. If you wish you can watch Allessio try to talk Robert Prechter forward to 2025/6, and Prechter just won't hear of it.
Deletehttps://www.youtube.com/watch?v=jCwj5zbKsYI
TJ
What about this then?
Deletehttps://www.neowave.com/tradingblog/blog.asp?bid=201
What about it? Do you have a question about it? Clearly, the little 'b' is incorrect as the market is at a new all-time-high, and 'b' is not placed so. TJ.
DeleteCorrect. So in a running contracting triangle to be correct, 1) can the little b overlap 2) how was it determined that October low of 2023 will not be broken for 50 years?
Delete@manu .. there is no such structure as a "running triangle". Neely just refuses to use the term diagonal for some reason. Answers: 1) irrelevant, 2) you'd have to ask Neely.
DeleteEvery market movement I have seen can be explained with the rules in the Elliott Wave Principle. The new patterns Neely added (Diametrics, Running Triangles, etc.) can all be explained by other common Elliott structures.
TJ
Of course there's such a thing as a running triangle. In my EWP book it's on page 50, figure 1- 43.
DeleteYes, Roy. But it is not constructed as Neely's is. TJ.
DeleteES/SPY (CFD) 30-min: as far as I can tell using the intraday wave-counting-screen, there was an expanding diagonal down to a new low.
ReplyDeletehttps://www.tradingview.com/x/dG3EuRiR/
This suggests watching the overnight high.
TJ
Thanks for the alert, TraderJoe! 😀
DeleteHourly and daily charts continue to look to me like price consolidation. Could a larger triangle of some sort be in play?
ReplyDeleteES 30-min: ES has a new high. Downward diagonal was 'ending'. Likely a smaller (b) wave down, and now five-waves in a 'c' wave up.
ReplyDeleteTJ
My count as well! 😊
DeleteCounting 1 of 5 up...
ReplyDeleteES/SPY (CFD) 2-min: here is the structure at the end of the day. (Clearly expanding diagonal). Things are getting more and more absurd as these structures are supposed to be extremely rare.
ReplyDeletehttps://www.tradingview.com/x/PkMKNFyE/
TJ