Elliott Wave 5.0 "Reboot"

Friday, April 8, 2016

E-Mini SP500 Intraday Crashing And Thrashing Around

With the markets swinging violently it is pretty hard to figure out what the trend really is. That's ok as that is exactly what the markets are supposed to do. If it were too easy to figure out the trend than every wave counting analyst in the world would be rich!  

As the markets shot up which may be a wave 2 rally, we now have to wait for the market to confirm it. One way is that the market can't add on another leg, which would be a 5th wave, but it must also push lower and fall below the last support price level, which is about 2026. 

We should know more by the end of next week as that would be sufficient time for either scenario to come true. 

I do not like to put multiple wave counts in one posting as there are always many wave counts at any time.  A minimum of 5 different wave counts can exist specific to any single degree, so keeping one wave count and running it until it is eliminated is my preferred method. 

So far my biggest "B" wave top is still alive and running, but we still have a long way to go before  the picture becomes more clear.