Elliott Wave 5.0 "Reboot"

Tuesday, March 15, 2016

DJIA Daily Chart Bull Market Review:



As I mentioned, I dislike putting alternate wave counts in one chart as is a an easy cop out most of the time.  Looking for different wave count that fits better is a constant thing and we should never accept  a wave count as a done deal.  Having bumped up the wave degree by one degree also forces us to look for alternates.  

 At a minimum, we should have one more bullish leg to go after we finish this correction we started this week.   This entire rally, which started from the January bottom, would be an "E" wave in which it would have a limited life span before it crashed again as well.   That "B" wave decline would contain an impulse 5 waves down in Minute degree and break a new world record bear market low as well.

The rally so far from this daily chart perspective has been near vertical, but with pretty good small subdivisions. There still should be lots of time before this potential peak is in and we have to be fully aware that a new wave 1 in Minor degree may still form.   

Either way, we will try and catch as many turnings as we can and constantly attempt to catch us when we are wrong.