Elliott Wave Analysis of the DJIA and Euro by Sid from ElliottWavePredictions.com. Click on the charts twice to enlarge.
I think this next week is a bit of a crap shoot. We are due a pink wave “b” in the DJIA and SPX, but it could be short & quick (if blue Y equals blue W in duration and length), or a more normal .382-.618 fib zone retracement. Both are depicted on the attached DJIA chart. I continue to like the time frame laid out in last weekend’s webinar, and believe that this wave B burgundy correction in the Industrials (& SPX) will likely be with us all the way to year end, and is highly likely to end above the range carved out so far since August 9.
As for the EUR/USD currency pair, if it invalidates a 5-wave downward impulse by moving above 1.3973 (before moving below 1.34979), the coordinated manipulative effort by the Central Banks worked for now, and the big move down in the Euro from Aug 29 is most likely just another X wave in an extended triple-zigzag wave 2 black, although there are other more bullish scenarios, but I find those less likely at this juncture.
Due to some business matters that came up last night, I won’t be able to spend all day Saturday counting waves and preparing main and alternate counts using multiple timeframes on all of the two dozen items covered in the LIVE Sunday webinars, so I’m offering this post as a cheap replacement, and will be back in the saddle for the Sunday, Sept 25 webinar. Have a great week!
P.S. This might be a good week to check out my 2-hour recorded educational webinar: “Early Detection of Trend Changes Using a Combination of Elliott Wave, MACD, and Japanese Candlesticks”. In that movie, I go over a number of techniques, including exactly how to synchronize your charts to the “gear” the market is currently in. This technique helps you hone in to the chart timeframe most likely to offer a reliable trend change signal based on MACD divergence.