Mentorship

Mentorship

NYSE Composite

27 Jul 2018 ‚óŹ 05:24 AM

NYSE Composite - converts out of triangle formation. So the triangle I was considering is no more possible. Day before Robert Prechter sent out a note saying that he would like this to happen. Reason? - He is marking the entire post Feb move as wave 2 and wave 2 is never a triangle so he preferred the market push a little higher and convert it into a complex pattern. His wish is answered. Note the fall from the Jan top remains the a very clear 5 wave decline and therefore to call it anything else is quite difficult if you are an elliott wave analyst, till proven wrong by market. Note the complex pattern for wave 2. W-X-Y, where wave Y is now in wave C. Wave C is usually 5 waves up. The 5th wave has started and can reverse anytime from now to the upper channel line at the 61.8%, where it would do a double top near wave W's high. That high is just below a Gap down action left behind by NYSE Composite when prices fell in on 05/Feb in wave III of 1. That Gap might have become the ''Lakshman Rekha'' for the US market then.

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