Re-analysis of where we are says market is going....
Intermediate did not move as expected which made me not only question Intermediate wave 5 but the two intermediates prior to it. This chart depicts my re-analysis and subwaves inside of Intermediate wave 3 and wave 4. Intermediate wave 2 appears to have been slower and longer than the newly marked Intermediate wave 4, which gives credence to the new layout meeting wave 2:4 dynamic per Elliott Wave Theory.
I get a wave 3 signal at the bottom of Intermediate 3 on a daily chart. I get a wave 3 signal for Minor 3 inside Intermediate 3 on charts less than daily timeframes which likely confirms this new layout.
I will re-calibrate my models this weekend to run based on this new outline and produce something before Monday.
Based on all of this I would definitely say we have lower to go over the next 2 weeks. I expect the bottom below 3251 which would be a 138.2% extension of Intermediate wave 3's movement. I also estimate the bottom for the first week in November which falls around the Fed and prior to election day which could both be major catalysts for the end of this bear market (for now).
The big earning week is next week with even more companies reporting. We need 30-60% of companies to report to get the true sense of where we are and what's to come.
I get a wave 3 signal at the bottom of Intermediate 3 on a daily chart. I get a wave 3 signal for Minor 3 inside Intermediate 3 on charts less than daily timeframes which likely confirms this new layout.
I will re-calibrate my models this weekend to run based on this new outline and produce something before Monday.
Based on all of this I would definitely say we have lower to go over the next 2 weeks. I expect the bottom below 3251 which would be a 138.2% extension of Intermediate wave 3's movement. I also estimate the bottom for the first week in November which falls around the Fed and prior to election day which could both be major catalysts for the end of this bear market (for now).
The big earning week is next week with even more companies reporting. We need 30-60% of companies to report to get the true sense of where we are and what's to come.
All forecasts are based on analysis of past behavior. Prior movements are not always indicative of future movement. Develop the theory, test the theory. Do your own research. Nothing in this analysis constitutes advice. YouTube For More. Good luck!!
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