Elliott Wave 5.0 "Reboot"

Tuesday, January 26, 2016

Mini DJIA Intraday Price Rally Review: Attack Of The Bulls.

After plunging a bit more the DJIA turned and exploded. Technically, I would like the DJIA to exceed all peaks created on the 22nd. It could also go much further if a diagonal run is in progress.  Last night I watched a video from EWI which shows their extremely bearish mood as they are convinced that the big one is here.  Of course they keep their wave counts a top secret so they are always right. 

In the long run they may be partially right, but we are not heading for a depression as I don't think that 4th wave bottoms cause depressions, but that wave 2 bottoms do.  If we are on this big decline already then it will be breaking all rules of an impulse all the way down. 

As I post the DJIA has already cleared the peaks so a good correction would send the DJIA on another leg up.