Elliott Wave Analysis of the Dow Jones Industrial Average (DJIA) by Sid from ElliottWavePredictions.com. Click on the charts twice to enlarge.
The Dow hit my triangle thrust target of 15261.35 today, and while Elliott Wave thrust-from-triangle targets are guidelines and not rules, the market is respecting the level so far. The upward movement in the Dow can be counted as complete. Other US indices sporting thrusts from intermediate degree wave B triangles are: 1) the SPX (thrust target 1684.1 – not hit yet), and 2) the ES Futures Contract (thrust target 1661.25 – not hit yet, but very, very close today @ 1659.75). The Nasdaq Composite and Russell 2000 did not form wave B black triangles during the second half of last year, but both appear to need a pink wave 4 and 5 to finish their respective up-trends.
Note added May 21: I went back and made a more exact measurement of the intermediate (black) B triangle that lasted from March 19 through December 31 of last year in the SPX, and have revised the SPX thrust target to 1693.81. From December 31, I am expecting 5 blue waves up. Blue 4 ended April 18 at 1536.03. From April 18 forward, Blue wave 5 should consist of 5 pink waves, with pink 1 and 2 done, and pink 3 either just now finishing or still underway. Pink 2 ended May 1 at 1581.28, and was shallow and brief. I expect wave 4 to unfold showing “alternation” with wave 2, as a deep and/or longer lasting corrective structure. As of this writing, I still don’t see any corrections large enough to label a pink 4 yet. Pink 4 should be followed by pink 5 to the upside, which would end cycle degree teal wave B, if wave B black was a triangle, in keeping with my main count.
Services Offered by ElliottWavePredictions.com:
- EWP ScreenShots
- Weekly “Counts” Webinars
- Sid’s movie of his method: “Early Detection of Trend Changes”
- On-Demand Analysis