Elliott Wave 5.0 "Reboot"

Monday, February 29, 2016

E-Mini SP500 Intraday Crash Review: Last Day Of The Month!



About the only thing we learned today was that the this market crossed to a new low confirming that yesterdays low was an expanded pattern. It could have been a diagonal ending just as well in which case we would be soaring instead of crashing. 

For it to be a "C" wave, it  is still just a bit short of being a great looking fit. I am sure you have heard the expression that the wave count is, "clear". What a crock of shit as wave counts are never that clear  even with delayed charts.  I shake my head how these guys can waste all that time doing very detailed wave counts and still execute any realistic trade.

Having a short position on a top like this would pay off very well to those that did pull it off. 

I finger trade using my index finger pointing to the wave counts until I have the time to post them. 
What if this decline stops dead right now, and then roars up again? It all depends on how it roars, as and choppy rally would then be another potential "B" rally, and my present "B" wave top would become a 4th wave rally top. 

Only the DJIA and the SP500 are acting this way as others are not keeping up to these crazy gyrations.  Even the HDGE did not move along with these two indices so that is saying a lot that this market can eventually push higher once more. 

This Friday the jobs report comes out again so we should expect some more violent moves in both directions, as it is a wave count killer. 

I believe there is more to go in the bull market, but some kind of crisis will have to ensue to force a stock market to crash into the pit of doom and gloom.  Some type of credit or debt based crisis will happen, it just is not clear enough for me to put my finger on it at this time. The world has record debt  much worse than anything that was present in 2007 and the 2008 decline was debt based as well. 

Any slow, drawn out decline would have a slower cause, as 1930 to 1932 was. The Oct 1929 crash was the fastest moving part of the 1929-1932 bear market.