How I Predicted 1000 DOW Points in 1-Month Using Elliott Wave!
DOW JONES INDUSTRIALS
Topping in wave (5)
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
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!