Elliott Wave 5.0 "Reboot"

Friday, April 22, 2016

E-Mini SP500 Intraday Review: Always A Bit Different!

A few days ago, the markets have reached a top and have now proceeded on a trip south. As much as many may want to say that the patterns are the same as the DJIA, the fact is there are always little differences that can show us a completely different wave count. 

This wave pattern has crashed through my parallel trend line which can work as an expanded pattern.
Poking through the trend line is also a warning that another wave pattern may be in play. 
This would still need to rally and match a potential small triple top just under the 2090 price levels. 

Of course the wave 3 bottom could be an "A" wave bottom, followed by a very steep "C" wave decline. I have seen many impulse waves start out and then fall apart very quickly so I don't create the hype machine calling for the "big one" or that the wave count, "is clear".  The wave counts are never clear because when they are clear they are fooling us. Are the waves, clear in SC or GSC degree?  No 5 waves in Primary degree have ever developed since the 2000 peak,  so any SC or GSC degree wave count is a mythical dragon that the most popular Elliott Wave counting sites are all trying to slay. 

I'm only trying to slay the Cycle degree dragon and that is still a myth for now.