DislikedThanks for your long explanation. Sorry, that i gave some headache. My opinion is that Prechter has Zero knowledge how to count Elliott waves and cycles correctly. Thats why he wrote/writes books. I agree with you that Neely and Swannell did of a lot of extensive research more than copying letters from Elliott. It is the 1st time that i see an elliott count of the Dow as shown in your post #23212. It makes a lot of sense for me. Did you cover it as a secret in your safe at home until now ? What is your price target for wave 5 (blue) / wave 3 (red)...Ignored
Hey Sixer,
hope you had a nice weekend :-)
SP500
The movement from the 2009 low:
if my count is right, we are in the final stages of the black 5 of blue 5 of red 3. Maybe we need a touch of the magical 2500 beforehand.
Since the blue 5 is extended, it has a high chance to retrace back to the green 2 or black 2 level of blue 5. That is between roughly 2000-2100
The second Variant would be, that the price will only go back to the wave 4 levels. That is between 2400 and 2350. For me that is lower probability, but the market is a bit manic at the moment, so I will not rule it out. In this case I would bet on a longer sideways movement
Only when this red 4 has concluded, we can calculate proper targets for wave red 5
When we draw a base channel from the red 1 to the 2500 area, then possible targets for 2018 were up to roughly 2800 and to the end of 2019 roughly 2900-3000
My new SP500 main count I only discovered Saturday thanks to your question which forced me to look again and out of another angle into the matter.
When I saw the inflation adjusted chart of the DOW, it ringed the bell. that the movement from the 1930 low to the 2000 high can, with highest probability, only a 1,2-(1-2-3- movement, and that we are now in 1,2-(1-2-3-4-5
So I have to thank you