I wanted to make a slight amendment to the wave count I listed below. Also I have promise to have some graphs up here soon.
I am holding to my count of cycle and and intermediate wave five as in progress. However, I thought it might be beneficial to relate a [minor], or "weekly" scale as well.
Tuesday, May 17, 2011
Thursday, May 12, 2011
Quick Note: S&P 500 Similar wave structure to DJIA, 5-12-11
Just a quick note on the form of the S&P 500 as being very similar to the DJIA in its wave form and current wave placement.
As Robert Prechter has noted many times, the Elliot Wave pattern applies not just to a single index or the stock market but to any mass social action. This shared subconscious effect, which I had described as "social-mass", and which Prechter, correctly I think, identifies as paleo-mentation-a fancy word behind the action of a herding impulse.
I will write again before the next completion of the minor wave sequence, which I expect to occur sometime later next week. Hopefully in that post I can include some Socionomic indicators as well. Though if you need a hint "The lazy song" has been in the weekly top tens for a while now.
A presto,
-W
As Robert Prechter has noted many times, the Elliot Wave pattern applies not just to a single index or the stock market but to any mass social action. This shared subconscious effect, which I had described as "social-mass", and which Prechter, correctly I think, identifies as paleo-mentation-a fancy word behind the action of a herding impulse.
I will write again before the next completion of the minor wave sequence, which I expect to occur sometime later next week. Hopefully in that post I can include some Socionomic indicators as well. Though if you need a hint "The lazy song" has been in the weekly top tens for a while now.
A presto,
-W
Personal DJIA Elliot Wave Prediction: 5-12-2011
I wanted to amend my previous post with regard to wave position for the current cycle. I am holding fast in my assessment that the DJIA is currently within its (c) wave of primary and [5] of intermediate degree. However, I wanted to note that the minor cycle, which is one step under intermediate, is currently moving out of its fourth wave, the bottom of which occurred last Thursday, 5-5-11.
In order to complete intermediate wave 5 and thus primary wave (c), the downward trending minor wave 4 will produce a bullish minor wave 5 to complete the motive element of the current minor wave structure.
My prediction for a top of the 5th intermediate wave and the top of wave (c) is still around 13k, specifically 13,074.66. This is still consistent with .618% ratio to the beginning of wave 1 to wave 3 of minor scale, as well as intermediate scale Though I am now more inclined to think that the fifth intermediate wave will be stronger than I expected and be more likely to move slightly above 13k than under it.
-W
NOTE: AS ALWAYS THESE PREDICTIONS ARE PURELY AN OPINION OF MARKET BEHAVIOR MADE BY AN BEGINNING AMATEUR STUDENT. DO NOT THINK THAT THEY ARE CREDIBLE PREDICTIONS.
In order to complete intermediate wave 5 and thus primary wave (c), the downward trending minor wave 4 will produce a bullish minor wave 5 to complete the motive element of the current minor wave structure.
My prediction for a top of the 5th intermediate wave and the top of wave (c) is still around 13k, specifically 13,074.66. This is still consistent with .618% ratio to the beginning of wave 1 to wave 3 of minor scale, as well as intermediate scale Though I am now more inclined to think that the fifth intermediate wave will be stronger than I expected and be more likely to move slightly above 13k than under it.
-W
NOTE: AS ALWAYS THESE PREDICTIONS ARE PURELY AN OPINION OF MARKET BEHAVIOR MADE BY AN BEGINNING AMATEUR STUDENT. DO NOT THINK THAT THEY ARE CREDIBLE PREDICTIONS.
Subscribe to:
Comments (Atom)