In this scenario, we are working on the 5th subwave of this impulse off the lows (within macro Flat 4 count). We've broken the base channel to the downside. If this is an impulse in progress, it is weak and W3<W1 so we may breach the 0.65 fib retracement and come back down fill the gap left by the island reversal.
2 flats in a row but we broke the base channel to the downside and the slopes are awful. Where is the 3 of the 3? Coming with the Fed/FOMC or a coronavirus vaccine?
The poor slopes and the break of the base channel makes this count a strong candidate. We need confirmation though. Will the Fed/FOMC trigger the C of the flat X?
Oil collapsing... Will algos get their $5.21 barrel?
As for indices, we better dump soon in big caps to maintain our primary counts alive.
Breaking 166 would increase confidence in this count. Invalidation at 180.
NDX still contained between parellel lines = corrective structure
Retesting the horizontal resistance and the channel, again.
The Nasdaq 100 Is Trying To Pump Back Before The Open
There are few little issues in here such as the EW structures of pink submicro 1 of A of Y and especially pink sub-micro 2 which looks like a little impulse. These issues can be observed at a low TF. Geometry is super clean here: slopes are great (Y<W), subminuette X ended right at the ML of the channel, retest of the channel from below, ML of PF untouched and now...
Little Leading Diagonal in Oil Prices on the 15mn Time Frame?
The recent new high is changing everything IMHO. I've seen some Elliotticians force the short term count to fit the big ZZ count which is a mistake. Yes, the 2012-2016 structure looks like an impulse and the "forest is more important than the trees". But we clearly want to pump here in gold prices, especially because of algos. Big debate here among the EW...
What is really confusing in gold is the flash expanded flat that occurred. Really too short in time to consider it as the blue subminuette 2. Did the recent S&P 500 crash caused this dump? Probably. Has blue subminuette 2 ended already? Maybe not. If gold doesn't break higher, we could still have some sideways combo forming in the coming weeks. Maybe a big flat...
The WTI can pump at any moment, to be honest. We are at incredibly low prices! Lower algo target is set at $5.21. Bullish divergences all over the place... What will be the impact on indices if we bottom?
AMD (2H) / Primary Elliott Wave Count
9-day EMA in the Put/Call ratio is in no man's land