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Thread: chart of the week - S&P Elliot Wave Analysis

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    Default chart of the week - S&P Elliot Wave Analysis

    from

    (snip)"


    S&P 500 Crash Count


    In Elliott Wave terms The S&P 500 is in wave 3 of 3 down. I will attempt to explain this in terms those not familiar with Elliott Wave can understand. Here goes:

    Wave 3's are long and strong and unrelenting. They can be in either direction. When wave 3 is headed up, everyone is waiting for a pullback to get in. That pullback never occurs.

    When wave 3 is down everyone wants a rally to either get out or get short. Those rallies either occur intraday or they do not occur at all.

    Wave 3 of 3 is where everything you do is right or everything you do is wrong, depending on whether you are long or short. Playing for countertrend moves is highly unlikely to be a winning move for anyone but the extremely nimble.

    With that backdrop, here is a chart of the S&P 500 with the wave 3 of 3 "crash count" highlighted.

    click the link below for the chart (which I can't post because it is a .png file)

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    Default Re: chart of the week - S&P Elliot Wave Analysis

    and if you put any creedence in Elliot Wave theory, this is where we are headed ...




    extreme thanks to Mike Shedlock of for all of this painstaking analysis work !

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