How I Predicted 1000 DOW Points in 1-Month Using Elliott Wave!

By: Enda Glynn | Fri, Feb 24, 2017
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DOW JONES INDUSTRIALS

Topping in wave (5)


30 min

Dow Jones Industrial Average 30-Minute Chart
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4 Hours

Dow Jones Industrial Average 4-Hour Chart
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Daily

Dow Jones Industrial Average Daily Chart
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My Bias: Long towards 21000
Wave Structure: Impulsive 5 wave structure, possibly topping in an all time high.
Long term wave count: Topping in wave (5)
Important risk events: USD: New Home Sales, Revised UoM Consumer Sentiment.

The DOW clocked another new all time high today, This is starting to get boring now!
It looks like wave iii pink is drawing to a close, I can count waves 1 through 4 as complete as I write this.
Wave 4 red seems to be tracing out a contracting triangle.
This holding pattern will be broken to the upside tomorrow. I expect in wave 5 red.
wave 'iii' will then have a completed structure and wave 'iv' pink should begin from there.
Wave 'iii' pink is now projected to around 20929, where wave 1 red will equal wave 5 red and the price will touch the upper trend line.

Back on Janurary 23rd the price stood at 19730, and I said that wave (iii) grey should rally from there.

The price is now 1070 points higher exctly one month later!

That is the power of Elliott wave analysis in real time.

And I think there is more to come!

 


 

Enda Glynn

Author: Enda Glynn

Enda Glynn
bullwaves.com

Enda Glynn

I class myself as an Elliott wave trader now, but that's not how I started out though! It took me a long time and a whole lot of pain, to finally understand what drives the price and how to use Elliott Wave correctly!

I have been trading for years and I have tested every trading system and strategy under the sun! I used to pick entry points at random based on emotion or news events or something I heard on TV! It did not take long to destroy my capital! I have blown out my account balance before, and I had to start again,

from scratch!

Believe me, I am well acquainted with failure in trading! Im sure that the above scenario is pretty familiar to you too. We have all been there. About 10 years ago I discovered The Elliott wave Principle and its method of market analysis. Since then, I have spent years learning, testing and trading, using the wave principle as the backbone of my analysis. I even went to college to study macroeconomics and econometrics. I graduated with honours degree back in 2012. The financial market knowledge and statistical edge I gained after my degree added another level to my trading. The difference in my trading approach using the wave principle, compared to before, is like night and day.

The price started to move "my way" more and more often. The wave model, offers me a lens to view market action through, which no other form of analysis can do. Elliott wave analysis, helps me answer four key questions when I am contemplating a trade:

• What direction the price is trending.
• How far is this trend likely to go.
• Where can I enter a trade with the best risk reward ratio.
• And most importantly, at what point am I definitely wrong?!

The wave principle helps me improve my trade entry, tighten up my money management and in turn increase profitability. Seeing the waves unfold before your eyes is a very rewarding experience, It is almost like peering into the future! That is how the wave principle helps my trading, and that is why the wave principle will improve your trading. It took a long time to finally master Elliott Wave Principle. After over a decade of hard work, research and learning I can call myself an expert in the field. I regularly contribute to major trading communities at FXStreet, Forex Factory, Traders Planet. I am a chief Elliott Wave analyst at HumbleTraders.

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