Dow Jones Industrials
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.
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.
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!