PRO-ELLIOTT-WAVER

Todays news of thousands of businesses that won't ever reopen along with Fed Chairman Powell saying the economic outlook is highly uncertain was more than the market could take and was the catylist to start the move down we've been waiting for. Friday our charts showed how the potential for the "double zig-zag" wave 2 was complete at the high and that the small five wave impulse decline should be wave (i) down to kick off the next leg of the bear market. The last two days we watched a rally fully retrace the drop which formed a 5-3-5 zig-zag at yesterday mornings high for wave (ii).  Price reversed after hitting the morning high (turn around Tuesday) and as of today the market is down 100 SP pts and over 1000 Dow pts. The move down counts as five waves at today's low as shown on the 30 min chart which we have labeled as "sub-minuette" wave-i of (iii) of [i]. The global futures chart clearly shows a clean five waves down fro...

The past few days the market has grabbed any little piece of news that can possibly be positive. Most traders are scratching their heads trying to figure out why the market is going up. This is what happens during a bear market relief rally. However, we've been prepared for and anticipated the rally since the low three weeks ago all based on the Elliott formation. The markets are in the process of anticipating that the Corona virus will peak out and factoring this into the price. This is good because the market is always ahead of the fundamental events that take place. In our opinion better news taking place now with the virus has allowed the wave 2 correction. But, it is also our opinion that there isn't anyway that the markets can be factoring in the recession that will take place in the months ahead with this rally. When markets finish the relief rally price will reverse hard to the downside to factor in the economic disaster that the lock down of the country wil...