Perverse Sort of Stock Market Wave PatternStock-Markets / Stock Markets 2016 Feb 17, 2016 - 03:39 PM GMT
This has been a difficult retracement to follow. Here is the detail of what has happened.
The first Wave down from 1947.20 is clearly a Wave (a), since does not have a five wave structure. What fooled me was that I had assumed that Wave [b] was really a larger degree Wave B, which meant that Wave C of (3) would begin at 1881.60. Instead, it was the final wave [c] of A.
By yesterday I had identified the Wave B rally as a double zigzag ([w]-[x]-[y]). Wave [y] was the smallest wave and had topped out very near the 61.8% retracement level at 1894.83. What more could one ask for, especially on a double Pivot day? However, one of the Pivots was rounded down for the sake of simplifying the Model on a calendar basis. A double zigzag turned into a triple zigzag.
Today’s zigzag [z] is approaching the size of zigzag [w] at 1923.85 in a perverse twist of Elliott rules leaving the middle zigzag the smallest. If this has caused me difficulty, I wonder what the rest of the Elliott Wavers are thinking?
It is 10:40. It appears that the reversal may happen between now and 11:00 am, as I had suggested this morning. The same is likely to happen with TNX, as well.
Our Investment Advisor Registration is on the Web
We are in the process of updating our website at www.thepracticalinvestor.com to have more information on our services. Log on and click on Advisor Registration to get more details.
If you are a client or wish to become one, please make an appointment to discuss our investment strategies by calling Connie or Tony at (517) 699-1554, ext 10 or 11. Or e-mail us at firstname.lastname@example.org .
Anthony M. Cherniawski, President and CIO http://www.thepracticalinvestor.com
As a State Registered Investment Advisor, The Practical Investor (TPI) manages private client investment portfolios using a proprietary investment strategy created by Chief Investment Officer Tony Cherniawski. Throughout 2000-01, when many investors felt the pain of double digit market losses, TPI successfully navigated the choppy investment waters, creating a profit for our private investment clients. With a focus on preserving assets and capitalizing on opportunities, TPI clients benefited greatly from the TPI strategies, allowing them to stay on track with their life goals
Disclaimer: The content in this article is written for educational and informational purposes only. There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.
Anthony M. Cherniawski Archive
© 2005-2016 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.