Laborday
One week left for bears before moonshotEven though the downturn started a few days later than planned, it still met the expected drop. Wave A could have occurred until the end of trading on Friday, but it may have ended Friday morning at 1030.
The red down arrows and one green up arrow are based on Intermediate Wave 3 lasting 46 days and with its move extending beyond Intermediate Wave 1's movement by 134.09%. These arrows are a rough projection of movement. There length may not line up perfectly but points moved are typically much more accurate.
There are two possible tracks for the week.
Option 1:
Wave A may be in the early stages and have only completed wave 2 of wave A. This would drive the index down drastically at some point this week, before a bounce up and then more downward movement possibly with a bottom next week. A significant upward wave B would need to occur before the end of next week and then another week or too of significant drops until wave C finds its bottom. THIS COURSE IS UNLIKELY. I assess the next one to be most likely.
Option 2:
Wave A did in fact complete itself at 1030 Friday. This would mean it lasted roughly 18 30-minute bars instead of the projected 29. The projected top to bottom movement of Wave A was 246.25 versus the actual of 238.48.
Wave B's projected move was 145.44 over 20 30-minute bars. With wave B's likely end, it only lasted 9 bars and climbed 105.51. Based on my analysis, B waves typically last around 75% the length of their wave As. This B wave would be half of that, which is not abnormal, but could mean wave B moves a little higher over the first 2 hours of trading on Tuesday.
Wave C was initially projected to drop 223.11 over 33 bars. Wave C can still do this, especially if wave B moves up toward 3487 early on Tuesday.
If wave B does not find a new top by 1130 Tuesday, wave C could be in full force. With wave B starting early by 22 30-minute bars, wave C could end early by 22 bars or more. The earliest end for wave C is 1030 Thursday.
If wave B continues for a few more bars, wave C should find a solid bottom before 1430 Friday. It might be a little odd to sell during the course of a week, albeit it a shortened week, just to come off the bottom for the final 90 minutes of the week. A more likely action would be wave C's bottom earlier in the day Friday or the following Monday.
Long-term projection is still on track for a rise to new all-time highs before mid-October, followed by 700-800 point decline through Mach 2021, and a massive rise to new all-time highs again before finally crashing in early 2022.
We will see what happens. Keep checking back as we track this wild ride to the end in early 2022.
Short Term(Labor Day Weekend) ETHThis graph and its projections were based off support/resistance, fibs and fractals. Happy Labor Day everyone!
Could Near-Term S&P 500 Bottom Be In?The S&P 500 Index dropped as projected in my August 29, 2018 article. However, the full projected drop has not been achieved. This could be okay, because the projection did not have the bottom occurring until the day after Labor Day, September 4, 2018. The movement over the previous two days has been interesting and my original analysis has reached a fork in the road. My newest article explores where the index is likely to travel on September 4, 2018. As well as analysis for upward and downward movement. The chart above details if minute wave 4 had been completed.
The chart below details if my original projection is still a possibility
There are a few reasons this is the most likely path. During the course of intermediate wave 3 which began at the end of June 2018, minuette waves have had a particular duration. The second path (the over-arching chart at the top) has minuette wave C completed in the shortest duration, 60 minutes. Also, minuette wave C is the only wave that failed to meet the prior minimum and median duration. To be fair, a new minimum is not unheard of, but its length compared to the other waves is troubling. Lastly, wave C cannot be shorter than waves A or E. This has occurred per path two’s wave analysis. While these are all reasons the correction and short-term bottom has not occurred, the latter reason is the most telling.
The full analysis is available at ElliottWaveIdeas.com
No matter what, the market will begin another tick up this week and month before the next correction arrives at the end of the month.
