It appears that the Dow and all of the major U.S. stock indices have finished minor wave W. We should now begin minor wave X. It is worth noting that it is also possible to count all of the wave degrees from the June 16 low as one degree higher, and instead of beginning wave X, we could be beginning the major decline. In this case, minor wave W would simply be...
It appears that the S&P 500 and all of the major U.S. stock indices have finished minor wave W. We should now begin minor wave X. It is worth noting that it is also possible to count all of the wave degrees from the June 16 low as one degree higher, and instead of beginning wave X, we could be beginning the major decline. In this case, minor wave W would simply...
It appears that the Nasdaq 100 and all of the major U.S. stock indices have finished minor wave W. We should now begin minor wave X. It is worth noting that it is also possible to count all of the wave degrees from the June 16 low as one degree higher, and instead of beginning wave X, we could be beginning the major decline. In this case, minor wave W would...
Silver is currently in subminuette wave 5 of minuette wave 3 down. After finishing minute wave A, silver should experience a tiny rally during minute wave B.
Silver has finished minor wave A up and is starting minor wave B down. Minor wave B will most likely take the form of a zigzag.
Wheat's wave count doesn't look exactly textbook, but after having counted the subwaves, I'm convinced that wheat is developing a triple zigzag. The first zigzag is disproportionately large compared to the second zigzag, but this sometimes happens in a double or triple zigzag when the first zigzag has a significant retracement. I'm not sure how long it will take...
Soybeans currently have two equally likely wave counts. The preferred count above, the blue line, implies that soybeans are currently in primary wave C of a zigzag correction. All subwaves support this count, and it also agrees with soybeans seasonality, which is bearish until late September. The alternate count above, the yellow line, implies that soybeans have...
It appears that natural gas is currently developing minor wave 3. This wave should take it close to the bottom of the trend channel that it has been in since 2020.
It appears that oil is beginning minute wave 3 down. This wave is likely to be extended because minor wave 1 formed a diagonal, and usually, wave 3 following a diagonal is extended. So far in minor wave 3, Minute wave 1 was not extended, which only leaves minute waves 3 and 5 as extension candidates. However, minute wave 1 is relatively small, so the ratio...
It appears that corn is developing a running triangle for intermediate wave 4. Corn should eventually break out to the downside and reach the target of 521'0, the 0.618 Fibonacci level.
Like bitcoin, Ethereum appears to be developing a double or triple zigzag as intermediate wave B of the last zigzag in the WXY pattern. Unlike bitcoin, the trend line that began forming in 2015 on the logarithmic scale is not only not acting as support, but it also appears to be acting as a center point of attraction for the price of Ethereum. Ethereum’s price...
I've been a little confused by the price action of the British pound for about the past week and a half because the preferred count violated an Elliott rule and the best alternate count contradicted the long-term count. Fortunately, I recently saw a great idea by JoeChampion who identified the head and shoulders pattern in the pound. You can read his idea here: ...
Bitcoin appears to be developing a double or triple zigzag as intermediate wave B of the last zigzag in the WXY pattern. The trend line that began forming in 2015 on the logarithmic scale is still acting as strong support. All of the Elliott requirements have been satisfied for a double zigzag, so prices could begin moving down and eventually break the 2015...
As mentioned previously, minute wave 4 is complete. It appears that the euro is currently in submicro wave 5 of micro wave 1 of subminuette wave 3 of minuette wave 1 of minute wave 5 down. Minute wave 5 should eventually take the euro below its July 14 low. There is one danger, however, that we must be aware of: the euro has been in a trading range (the shaded...
As mentioned in the analysis above, silver is currently retracing intermediate wave 2, which appears to be developing as a zigzag. We appear to be in minuette wave 3 of minute wave 5 of minor wave A. After wave A finishes, silver should experience a moderate decline before rising again in minor wave C.
As mentioned in the analysis above, gold is currently retracing intermediate wave 2, which appears to be developing as a zigzag. We appear to be in minuette wave 3 of minute wave 5 of minor wave A. After wave A finishes, gold should experience a moderate decline before rising again in minor wave C.
I'm uncertain about the most likely outcome for the British pound at this time, but I haven't published on the pound in a while, so I want you to know what I'm thinking. I have labeled the chart with the Elliott wave count that I believe is the most likely. There is, however, one big problem with this count: it violates a critical Elliott rule. Submicro wave 4...
It appears that the S&P 500, like the other indices, is in subminuette wave 5, which is taking the form of an impulse. Once completed, it should begin minor wave X. Of all the major indices, the Russell 2000 appears to be closest to finishing subminuette wave 5, so it may be leading the market. Subminuette wave 5 in the Nasdaq 100 also appears pretty close to...