Dow Jones Industrial Average Update
Elliott Wave Plus
The stock market was down last week but recovered this week to new all-time highs . . . again. The price action since the October 30 low still counts best as an ABC in my opinion. Wave A (green) was a rocket ship to the upside from Oct 30 thru Nov 9. Ever since then, the price action has been choppy and overlapping, but with a gradual upward tilt. I still think that the best interpretation of the price action since Nov 12 (the green B low) is that of an expanding ending diagonal, known to some as a megaphone pattern. Diagonals are difficult on traders, as they exhibit characteristics of a correction, while continuing to gradually “trend”. Diagonals are terminal patterns, in this case a wave C of a zigzag, or other times can be a wave 5 of an impulse. Either way, when they are (finally) finished, they are destined to be deeply retraced.
Video Update – February 5, 2021
– Sid Norris & Andrew Norris
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