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Wednesday, March 1, 2017

Wednesday, 3/1/17 update

At the end of last Saturday's update it was noted that the IT count of the move up off the early November lows had the 1st wave longer than the 3rd with a 5th wave in progress.  In Elliott Wave the 3rd wave cannot be the shortest, so it was noted that if the rally kept steaming ahead and breached ES 2381.00 then the count was invalidated as that would make the assumed 3rd wave the shortest in the sequence.
Obviously we blew through that 2381 mark with today's action, so the IT count had to be revisited.  Best solution for the pattern at this point is that the rally from early November into the ST top of Jan 26th constitutes an extended Minute W1 of the move with Minute W3 currently in progress and Minute W4 & W5 yet to come.  So the bull has a distance to go yet in this analysis.

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