Using my Elliott Wave count for the Value Line Arithmetic Index (VLE), (which is debated by some), I see 248 days to complete the first 5 waves. I then see around 248 days to complete an A-B-C correction and the next 5 waves down. I’ve noticed this time line on a number of occasions when counting waves. Keep in mind that the current move upward may only be part of wave 5 down. Until the wave 4 high is taken out then there is no reason to become bullish. The time cycle tells me the odds are in favor of the completion of the 5 waves down. But there are no absolutes.
This is another look at the same chart using closing prices only. I don’t mind intraday moves and pay more attention to the close. The MACD shows a significant divergence with price which indicates that the momentum down has decreased.
Tags: A-B-C Correction · Elliott Wave Analysis · Value Line Arithmetic Index (VLE)No Comments
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