Elliott Wave 5.0 "Reboot"

Thursday, January 14, 2016

March Mini DJIA Intraday Crash Review: Another Temporary Bottom?

As I have mentioned before, the individual months represent more what is happening with the Forex DOW 30 units as the cash chart does not move during the night. The charts are very faint and that is because the lack of activity that was recorded at that time. I also had to increase the amount of bars to 1500 to show more range as it is impossible to post daily charts for any specific month. 

Having said that, we have the DJIA make another bottom that has been pushing my diagonal wave structure to the max. Another 500 points and I would have to toss my wave count into the nearest electronic trash can.  Needless to say the trash cans on our computers need emptying regularly. 

It is also one of the main reasons why I do not fill in every little wave as most of the time I wave count over and over with my finger and also always start with a fresh chart. I rarely edit a previous day chart. I see many wave counters filling in every little wave count, which tells us they have too much time on their hands.

Just this little rally has sent gold into the dumps on what now looks like an impulse in the gold charts.  
As I mentioned many times I will only draw parallel lines, and only change them when any of the two lines get severely tested. The middle trend line may offer up another point of resistance, but hopefully the last few waves was also an ending diagonal.  

As I post the Mini DJIA is still on a tear in what looks like an impulse so far. That is a good thing as a high quality impulse is point the market in that direction.