On the Edge of an Elliott Wave PRECIPICE!

By: Enda Glynn | Thu, Apr 6, 2017
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Dow Jones Industrials

30 min

Dow Industrials 30-Minute Chart
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4 Hours

Dow Industrials 4-Hour Chart
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Daily

Dow Industrials Daily Chart
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My Bias: market top is in.
Wave Structure: Impulsive 5 wave structure, possibly topping in an all time high.
Long term wave count: Topped in wave (5)
Important risk events: USD: Unemployment Claims, 

The way the price action is lining up in the DOW right now is nothing short of startling!
And the prognosis that the current Elliott wave pattern has for the stock market and in turn the world economy, is one of financial cataclysm.

On Tuesday the 4th of April I Published my nightly Elliott wave analysis titled 'A market on the edge of an Elliott wave precipice.'

I showed this chart, and said:

"The structure off the recent wave 'i' low at 20409 is a developing three wave form
and the likely target for wave 'c' red is at 20831.
The minimum expectation for wave 'c' to complete is at 20750, just above the wave 'a' high.

At that point, the stock market will be standing on the edge of an Elliott wave precipice!
The bear market should kick off from there."

At that point the market stood at 20675.

Dow Industrials 30-Minute Chart 2
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The following day, Wednesday the 5th of April, saw the DOW rally to a high at 20887, a 210 point rally and slightly above the target set the night before.

From there, a three wave corrective rally was complete as was suggested by the chart,
and the DOW quickly plunged 265 points off a wave 'ii' high.

Heres how the market stands on Thursday morning, the 6th of April.

Dow Industrials 30-Minute Chart 3
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The market has now plunged by 320 points into the low of the day so far,

And the Elliott wave structure on display right now,
suggests that the market is only at the very beginning of something much bigger!
I will be tracking every single wave of this new developing bear market,

You cannot afford to ignore this developing Elliott wave story.

Your financial future may depend on it!

 


 

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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