 |
| S&P500 Cash Index - Daily - Inside Day |
We do note, however, that the Elliott Wave Oscillator, is green and rising, and made a higher high for the move since February. This is often, not always, a sign of a third wave in progress.
Further, if the up move in May is labeled as minute (i), then we are showing the 100% x (i) Fibonacci ruler for a reason. While minute (iii) can become longer than minute (i), the first minuet wave i within minute (iii) can not be longer than minute (i) by degree labeling constraints. That is, minuet i would not be a wave of smaller degree if it were larger in points than minute (i). We will have more to say about that as the days progress.
For now, we'll only say that proper degree labeling is a topic few other Elliott analysts visit.
And have a very good rest of the weekend.
TraderJoe
Great work this year. You were one of the first to predict the triangle in Feb and I think your current count fits the trend well.
ReplyDeleteThanks. I appreciate your saying.
DeleteThanks for the report, and thanks for remember the guidelines and rules for a correct count.
ReplyDeleteWelcome 6Q.
DeleteI added an ending diagonal to my chart. It would add time to price and keep us in an up trend. Unless you know of some reason an ending diagonal after a triangle is possible I'll leave that as an option.
ReplyDeleteA diagonal if a 'form' of triangle. Two triangle-types in a row is likely poor alternation, although minute (i) - (iv) as a impulse, and minute (v) as an E-D might make some sense.
Delete