mikemo81

mikemo81

Spot Uranium's been on a tear...MAYBE it's time for URA to final get off the floor?

mikemo81

This is my take...I can see a triple zig-zag having formed off the most recent lows, though I've noticed others saying it's an impulsive 5 wave move, however the internal waves are 3 waves each. The strong move down today indicates continued move lower.

mikemo81

Basing a wave count of the SPX on AMZN, it sure looks like AMZN is a 5 wave decline, which leads me to believe the SPX has moved down in 5 waves. Looking for a 3 wave bounce in the 50% fib retracement area.

mikemo81

I'm looking to sell this possible rally up to the yellow box.

mikemo81

I'm just going to say the small caps are toast. Bull Run from '09 likely over.

mikemo81

This is looking bearish ATM. Thought we had just a 3 wave correction until yesterdays bounce up. Yesterday may have been a 1,2-1,2 setup in elliott wave terminology. If so, could see much more downside. Keep an open mind, anything could develop.

mikemo81

NDX must not break this red dashed line in order to see continued selling. Still seeing the possibility of the move up from earlier this month as being corrective, and therefore, more downside to come.

mikemo81

Seems the narrative at the moment is rates are about to shoot higher...Not according to the chart. Momentum has weakened throughout this rally since '16 and can count possible 5 waves up. If rates fall, then means a rush into bonds, and maybe indicating a risk-off move. The FED announcement should give this the momentum to move one way or the other.

mikemo81

This is the only other option I've come up to account for an ending of a wave 5. The correction earlier in the year would be a little strange, but makes sense with the DOW ending wave 4 at the same time. Ending diagonal still a possibility especially since I see 3 internal waves within this move up from the correction. Also notice the significant fibonacci...

mikemo81

This is my latest count I'm going with. Appears the DOW created a flat correction as the 'B' wave after the initial crash in Jan. '18. The overall corrective move was an ABC zig-zag with 'C' ending higher than the end of 'A'. This still puts it potentially at the end of a 5th wave move with each of the up move of wave 5 having it's own 3 wave pattern creating...

mikemo81 Updated 

I'm seeing a 3 wave move down and 3 wave bounce...I would expect another 3 wave move down to approx. 100% Fib Extension.

mikemo81

My favored view ATM. $SPX $ES #elliottwave

mikemo81

The move above the upper trend line is another indication it ended a 5 wave terminal move from '09 lows.

mikemo81

Looks like AMZN which looks like Bitcoin which looks like every other bubble in history. Parabolic moves do not end well.

mikemo81

This is looking like a major top even compared to SPX. There's at least one more move down if it breaks the horizontal line, or beginning of big decline. The dashed horizontal line is key. If it breaks a possibility for a big move down. Other scenario could be a drawn out leading diagonal that takes time to develop made up of 5 waves, each being a 3 wave configuration.

mikemo81

I see more down-side in the S&P. So far, fitting my narrative of a market top. Now just waiting for the bubbles in AMZN and AAPL to pop.

mikemo81

Nice Risk/Reward to the down-side.

mikemo81

No EW rules have been broken to indicate this is NOT a terminal move in the S&P. This could still be an ending diagonal with wave 5 (blue) having a 5 wave count as opposed to 3 waves typical of an ending diagonal.