Elliott Wave 5.0 "Reboot"

Wednesday, April 6, 2016

Mini SP500 Intraday Gyrations Review

As violent as the markets can head down, they can come back just as violently, which they  just did this morning. This is all fitting into a potential triangle 4th wave position, but we should see a thrust to newer lows all the same.  Any triangle is the sign that a degree change is also coming, which from my perspective could be wave 1-2 by one degree higher. 

What I am showing is Submicro and Miniscule degree, so our next degree level higher would be in Micro degree.  Until the Micro degree 5 waves have played out we really do not need to shift into a better fitting degree level, which can be done at anytime. 

Eventually I would need 5 waves down in the Minute degree in which we may get close after the 5 waves in Micro degree have completed. 

Unless we are dealing with an expanded top, this market should continue down in the next few weeks or so.