targetsir

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Triangle in Wave 4 projects a target of at least $800

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Do you feel what's in the air? Smells a little bit like greed and euphoria. Maise Williams just bought BTC and Elon Musk replied to her. Anyways, there are two counts here: • The completion of an ABC • Wave 3 of a new impulse up I wouldn't be looking to add anything up here and even taking some profits makes sense.

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After looking at the macro conditions and the current Elliott Wave count, I believe these is a huge risk of downside coming. Cases for market top: • Elliott Wave count, with perfect ET triangle in Wave 4 marking the start of Wave 5 • 1.0 Wave 1 extension to project Wave 5 end • Market Euphoria, large participation by retail • Blow off tops in tech stocks and...

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There seems to be a volume confirmed triangle in Gold. The immediate target seems to be fairly close by at $1800. Could buy into E, stop under C and hold. This triangle looks like a Wave 4 triangle so potentially not much more room for the upside before another retracement.

targetsir Updated 

Here's the zoomed in view of the correction we've had over the last few weeks since the crash. We're at resistance now and have put in / nearly finished putting in a textbook ABC retracement of the bear move. I mentioned in my previous zoomed out view post, the different possibilities already. Based on my larger supercycle count, we're still in a Wave 4, however...

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Right now we're at strong resistance on SPY. Looking at most major indices, we've essentially had what looks like the same move off of the lows - a counter-trend rally ABC. On SPY, we've nearly completed the 1:1 extension of Wave A to Wave C and we're at major resistance along with a 0.618 retracement level. I believe we will roll over here. If we do, here are the...

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Continuation of my previously posted idea. We're seeing completions of these large consolidation patterns. Here's Oil compared to the Wave 4 SPY and DJI pattern.

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Putting together the big picture, this seems like the most probably road map for where we are. Supporting evidence: • Very clear zig-zags into the 2018 crash and up through the 2019-2020 bull runs • 0.5 retracement for Wave 2 • 1.618 text book Wave 3 extension • Wave 2 was a deep flat • Wave 4 is a triangle, with a 0.382 retracement

targetsir Updated 

Sensational? Yes. Has it happened before? Yes!

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Chart porn, but this H&S is close to completing

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Based on the EW count, fib extensions, ending diagonal and bullish divergence, it looks like selling pressure is dropping and markets will see a bounce soon. There are two possible larger counts for this correction we're in. It's unclear at this stage if the correction is totally done or if we've only put in the beginning of a larger correction. What is clear is...

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By my count we are in a Wave 4 correction. Wave 2 was shallow and flat, so based on alternation Wave 4 should be steep (zig-zag) like. Typical retrace zones are 0.236 - 0.382, SPY likes to retrace shallow so makes sense it would be this lower target. It's possible we bounce around more but the immediate fib targets are reached. It looks like we came down in a ABC zig-zag.

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IWM: 3/15/2020 Wave is in Wave 4 correction, but I believe it's nearly done. Historically, IWM always corrects to the 0.5 fib, and the 3 wave corrections normally have the last wave extended to the 1.382 fib. Currently, we put in a WXY flat, Wave W + X are clearly 3 waves in nature meaning this is not the start of a larger impulse down, However a more complex...

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Charts comparing Gold in 2008 vs BTCUSD recently. Both have expanding triangle corrections followed by breaking the channel to the bottom (liquidity grab / Wyckoff spring) before continuing to the upside. I also posted the 2006 chart where Gold was recovering from a large bear market. In 2008, Gold's move here after ATH, which is a little different but the...

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Similar structure to gold in 2006. ATH followed by a big bear market, rebound to lower highs and then a smackdown before longer term trend continuation.

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Looking for a short on GLD if and when we get to the 0.618.

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I've been seeing many bear charts lately but many of the large-cap stocks that make up the S&P500 have already made big corrections in the previous Wave 4 of a higher degree back in December. It's true that the Wave 4 correction in the SPY was fairly shallow, but 0.236 - 0.386 are still high probability areas. Many of the bear counts for the S&P are valid EW...

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Near previous high, seeing 5 waves up and bearish divergence. Looking for a retrace soon after going a bit higher.