Elliott Wave 5.0 "Reboot"

Wednesday, March 9, 2016

Mini DJIA Intraday Chart Review

Down on your left I have made a degree change that is far more important than what it seems at first glance.  When something goes further than I would like, or not go far enough, I do a review, which many times can take me back to 1929 and I have to do the whole thing over from a fresh chart
The only way to find a better fitting wave count is to go hunting backwards in time.
You will never find it flipping present wave positions, when the past is the biggest problem.  

If anywhere since the 1929 peak, a wave position gets changed, then the entire sequence is in doubt.  Never doing this or never doubting the past wave counts, then this is the lazy way of Elliott Wave analysis. Keeping one degree for 30-40 years is a joke as it only takes one degree to change a wave count and "all" opinions with it. 

Having said that, I'm going to try an Intermediate degree bottom 4th wave and the above could be the diagonal to the first wave of what I need. Overall, I would need 5 waves up in Minor degree, and it may be diagonal or true impulsive in nature. Right now it looks like a 4th wave correction with one more short move to the downside before it charges up again.  This may take the rest of this month to fully play out so I don't expect it to happen over night. 

It sure would be a sick joke if the DOW eventually headed to 20,000!