Elliott Wave 5.0 "Reboot"

Thursday, February 25, 2016

E-Mini SP500 Intraday Upside Breakout Review!

I had to look at the 24th bottom as part of an expanded wave bottom. This was followed by a rocket move, but has started to break down from the impulse wave action.  If this so called 5th wave is ending with diagonal waves, then we could be in for another bearish move that could surprise many of us.   Expanded flats usually give us a better showing with impulse waves, but this has not been exactly the case. 

We have seen the markets deny the super bears their Minor degree impulse wave as at his rate it would take until the next ice age to get to 500 or lower with the SP500. 500 is not even anywhere near what the GSC and SC degree wave counters need, but I am sure they will fudge the numbers to fit their scenarios so they can always be right. 

Working at a lower degree level and trying to get close to real time, I have very little leeway to play with at any time.  I always try and talk about a turning before it happens, as it also takes time to adjust our thinking.  Not many readers can change from a bullish though process to a bearish thought process when it is still going up.   

Anytime there is a spike to the upside, I look for an alternate wave count as spikes either have a temporary end to a trend,  or a down right end to a much bigger trend.