Elliott Wave 5.0 "Reboot"

Friday, February 12, 2016

DJIA Weekly Chart 2007-2016 Review: Drive Those Bears back Into The Woods!

From my perspective, it is very important to always stand back and review the biggest wave count to see if it still makes sense. Sometimes I do it too many times, but it is what I had to do and just got used to doing it.  

I am working one big Cycle degree 5 wave impulse starting in 1929 and may have topped in 2000 with a wave  in Cycle degree.  What we have had in the last 15 or so years fits the triangle the best at this time with our present top via for the "D" wave spot.  Our present bear market,  as the experts have now declared we are in, looks more like a correction. 

This correction could be a Minor degree correction, as I can't fit the pattern into a pure impulse. We need impulse waves to point us in a new direction, as they compound on top of each other to give us distance.  

The markets seemed to have found a bottom this morning, and we will have wait and see if this holds next week.   Gold has acted perfectly in an inverse manner, but gold can also turn very bearish if stock mania kicks in one more time.