Can't resist an update to the Elliot wave count in a previous post. Confession,
we are not Elliot Wave experts, and we are using Elliot Wave 101 here. When
its simple and obvious we can count the waves out ok. So pinch of salt and
all that.
No matter what measuring stick you use to measure this massive bear market
bounce or bull market within a bear market or 'V' recovery prices have run
up for a long period and something is bound to happen.
NOTE: Only a mad man would call a top in this market. But its fun!
To conclude: Price is in the final rally up, ending at a larger count of 5,5,C.
Currently price will either do a ABC and finish within days or break into a
small 5 count and finish in a couple weeks (mid may, 'Sell in May').
Could the massive ABC from March 2009 lows be a mere 1 and 2 of a massive
new bull market. If that is true then this may be the new USA
flag. Hope not, money printing and currency devaluation are tools of economic
policy failure. Learn more via Keynes
vs Hayek.
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