Elliott Wave: Week of 6/25/18 - Are we there, yet?
Ah, the question almost all of us hate to hear. Seems like the move up since January's peak has taken forever. As adults we'll all be justified if asking the famous childhood question, too.
The case for new all time high (ath) is still strong as we ride along the 20d sma while getting "there." Note how several surge/impulse moves in earlier segments of the main movement (since 2016) have bounced above the line. Recent pullbacks have been healthy and supportive of upward movement to "there."
Fibonacci ratios of the main move are supportive of Elliott Wave formation for wave 5 after holding the 2675 area. The earlier peak of 2801 is now in sight and may cause the next delay along the long term path upward. For bulls that would be a welcomed event in a healthy process.
Timing still concerns me and my work on that continues. I'll feel better if we reach "there" in July and have maintained that estimate for now. It wouldn't surprise me if it takes longer.
The case for new all time high (ath) is still strong as we ride along the 20d sma while getting "there." Note how several surge/impulse moves in earlier segments of the main movement (since 2016) have bounced above the line. Recent pullbacks have been healthy and supportive of upward movement to "there."
Fibonacci ratios of the main move are supportive of Elliott Wave formation for wave 5 after holding the 2675 area. The earlier peak of 2801 is now in sight and may cause the next delay along the long term path upward. For bulls that would be a welcomed event in a healthy process.
Timing still concerns me and my work on that continues. I'll feel better if we reach "there" in July and have maintained that estimate for now. It wouldn't surprise me if it takes longer.