I like this SPX index as an alternative to my futures charts as it might clear up some wave patterns I’m working. Any specific single month in futures can be so wild that wave positions do get very muddled. I’m not going to spend a lot of time on this chart as I just finished the DJIA which is very close to the same wave count..
They both have the same wave patterns that are very similar, with a few small differences. A run of 5 waves in Minor degree is what I’m after but at this time that could take into 2019 to finish. Any month in the first quarter will do!
I normally try to avoid inserting wave counts from other wave analysts but the above wave count has been completely blown already before the digital ink had dried. The wave 2 top did not work, and he has no clue what happened in 2018 as he left an Intermediate degree 5th wave top uncapped! About the only thing that is the same as my wave counts, is the 2018 peak. He still has 2-degree levels missing.
Elliott wave patterns are not what we think we are seeing as they are what our best visual Idealized chart is. If we don’t follow our vision of an Idealized impulse then how do we know when we are wrong? I have two big Idealized patterns posted and the diagonal one is used for all my commodity wave counts.
This is the DJIA index from Big Charts which shows some violent moves that have occurred in the last 2 months or so. Many of the asset classes I use also contain an expanded top. I look at some other analysts wave counts and they are oblivious to any potential expanded pattern.
If you see any wave count with any 5th wave not being capped then that wave analyst is “Clearly” telling you, ” I have no clue where we are”. Even the expert wave analysts leave the 5th waves uncapped.
I’ll be pretty blunt in saying that in January of 2018 wave 3 in Cycle degree has completed and my expanded top pattern is still my best bet. We’re only in an Intermediate degree crash right now, but eventually, it will turn into a Primary degree crash.
I need 5 waves down in Minor degree which has a slim chance of finishing this year. The Gold/DJIA ratio today sits at 19.54, which means it takes over 19 Gold Troy ounces to buy just one unit of this DJIA index. This is only a marginal improvement in stock markets getting cheaper, but this ratio should change by the time the DJIA corrects from a Primary Degree “A” wave.
All support will fail when the 23,400 price level gets breached and panic will ensue again. So far, I have 2 sets of 1-2 wave counts completed and if I’m lucky I might see the third set. 3 sets of 1-2 waves will extend wave 3 very well, and the 5th wave can also do the same thing. First sets of 1-2 waves are always the shortest, if they are not then chances are good we have an “A” wave.