Saturday, September 9, 2017

Backing and Filling

Market Outlook: Still in Minor 4

There remain no changes to The Eight Fold Path Method chart shown below. Over the last week some backing and filling has occurred - a bit more of which is possible.

S&P500 Index Three-Day Chart - The Eight Fold Path Method

From our experience with The Fourth Wave Conundrum, we know that everyone wants to know what the internal count is. The fact us there are three equally valid ways to count the internals at this moment, and that is what we are working on in the live chat room. It has been tedious, and filled with numerous twists and turns for not a lot of point gain or loss.

Still, overall, I expect Minor wave 4 will touch the lower channel boundary, and the Elliott Wave Oscillator will drop down into the -10% to -40% range of the peak high value.

Regards,
TraderJoe


Posted by at

10 comments:

  1. roseSeptember 9, 2017 at 6:34 PM

    "filled with numerous twists and turns"--sounds like the track of Hurricane Irma. Also hard to predict! I hope everyone is safe in the sunshine state. Thanks again Joe for all the excellent updates you've provided.
    rose

    ReplyDelete
  2. manuSeptember 9, 2017 at 9:11 PM

    Thanks for clarification..how can i have access to live chat room?
    Thanks again

    ReplyDelete
    Replies
    1. Elliott_TraderSeptember 11, 2017 at 3:46 PM

      Send me an email (see profile), and I'll provide the information. Thanks.

      Delete
  3. migrationSeptember 10, 2017 at 10:34 AM

    Thanks Joe, have been waiting for your post to learn from you and cross-check with my own home work.

    At present, I think only these patterns are possible for this minor wave 4, as follows,
    (1) triangle,
    (2) zigzag-x-flat
    (3) zigzag-x-triangle
    (4) zigzag-x-flat-x-flat
    (5) zigzag-x-flat-x-triangle

    Do correct me if I'm wrong. Am waiting to eliminate the patterns as minor wave 4 grinds on.

    Hope you have an enjoyable weekend.

    ReplyDelete
    Replies
    1. Elliott_TraderSeptember 11, 2017 at 3:47 PM

      That's the way to think about it. More in tomorrow's update.

      Delete
    2. TlsSeptember 12, 2017 at 6:16 PM

      I was reading on corrections and it said if the a wave is a simple zigzag to expect the b wave to be more complex which we have. It also said to expect alternation such as a flat. However it also says sometimes with a simple zigzag for wave a wave b will stretch out into a more intricately subdivided a-b-c zigzag to achieve a type of alternation. Could this be what is happening?

      Delete
  4. SimpleSwingSeptember 10, 2017 at 11:36 AM

    Thanks again, Joe

    Would be interested to know about the chat as well.

    Have a calm weekend
    Best regards

    ReplyDelete
    Replies
    1. Elliott_TraderSeptember 11, 2017 at 3:47 PM

      Send me an email (see profile), and I'll provide the information. Thanks.

      Delete
  5. DPSeptember 11, 2017 at 10:50 AM

    Looks like we hit 2,384 today for the 90% retrace level on SPX, opening the door for a flat...what do you think?

    ReplyDelete

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