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Stocks Bear Market Is One Step Closer

Stock-Markets / Stocks Bear Market Jul 04, 2017 - 09:41 AM GMT

By: Enda_Glynn

Stock-Markets

My Bias: market topping process ongoing
Wave Structure: Impulsive 5 wave structure, possibly topping in an all time high.
Long term wave count: Topping in wave (5)
Important risk events: USD: N/A.


Todays pump and dump in stocks has again invalidated the short term bearish count shown on Friday.
I have altered the wave count to account for this new all time high.

The market has triggered the alternate wave count which views the recent selloff as a correction in wave (iv) grey.
The price is now moving within wave (v) grey.

Each time the price action triggers the alternate wave count,
We get one step closer to realising the larger picture,
One point should not be forgotten here.
The market is closing out a price structure at a very large degree right now,
So when it does turn down, as it is bound to do!
It is going to turn down for a very long time.
This is the reason why I remain vigilant for a turn each and every day.
The magnitude of the decline to come dictates a very conservative approach.

So for the rest of this week,
I will be looking for the completion of wave (v) grey.
Fibonacci analysis puts the top of wave (v) grey between,
21625 - the 162% extension of wave (i) grey.
And;
21890 - Where wave (v) grey will reach equality with wave (i) grey.

Both scenarios lead to the same conclusion,
The bear market is one step closer.

Enda Glynn
http://bullwaves.org
I am an Elliott wave trader,
I have studied and traded using Elliott wave analysis as the backbone of my approach to markets for the last 10 years.
I take a top down approach to market analysis
starting at the daily time frame all the way down to the 30 minute time frame.

© 2017 Copyright Enda Glynn - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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