It looks as though today’s bullish candle was the start of wave iv of 5. However, this requires follow through tomorrow. As I pointed out in the Intraday Commentary, downtrend resistance is yet to be broken. We could still be in iii of 5.
Here’s a weekly chart with my Elliot Wave count. The a-b-c correction is not drawn to scale. I am merely identifying the structure that should play out.
Thanks Craig, good to see your work again, even if it only for a day
Woo Hoo I miss the old craig chartage! Thanks man!
Craig who? Who’s Craig? Sure some dude named Craig just shows up when the bottom gets near so he can call it. BS I say. Give me a break. I’ll believe it when I see a vid. I heard he left the country and moved to Switzerland where they still have real banks.
Whoever did this chart is right and did a nice job. Now that person needs to go to my blog and figure out why I am confused and explain it to me. I’m seeing that 5.5 may be over and it is going to take a capitulative type move to make the bottom happen.
I’ll add that the large move in the market today is just a tiny little candle in the life of the charts. For such a big move that’s a tiny little candle. Looks larget than life on a 1m chart. The daily chart helps clear things up a little in the bigger picture. Thanks.
Just wonder
V-5 must be lower than iii-5 ? ?
Wave 5s can truncate and not be lower than wave 3s, but it is unlikely due to the steepness of this wave 3 drop..
Anyone read Shanky’s concern that Intermediate Wave 5 may already be over?
If this were true, this could set up for the mother of all [bear market] rallies. Imagine how many traders and stocktockers are still waiting for SPX ~600 to buy/cover? The looming breakdown in gold and apparent stabilization of oil/commodities seems to fit the “bottom” argument sooner rather than later.
I recognize that it’s still too early to confirm a bottom, but the continued strength in the futures mkt after an already incredible day has me wondering now too. Just trying to point out another perspective, as it seems most stocktockers remain convinced that new lows are imminent.