Is this the very thing I was describing? Has that measure of wave alternation typically distinguishing the first "three" from the second "three" in a "complex" Elliott corrective wave already been largely manifest?
We have our alternation to be sure. In fact alternation abounds.
A "zig-zag" up from March '09 bottom forms wave (a)-- (5 waves up, 3 waves down, 5 waves up, or 5-3-5). This is followed by a "flat" forming wave (b)--(3 waves down, 3 waves up, five waves down, or 3-3-5)--with the second 3 (i.e. the flat's wave b [up]) alternating from the flat's starting 3 waves down.
So, the a and b component waves of the wave (b) flat alternated in wave form, which is quite typical--to be expected--according to the Elliott Wave Principle.
Likewise do we see the Elliott Wave Principle's "alternation guideline" distinguishing waves (a) and (b) of the second "three" forming wave B (this second "three" unfolding off March '09 bottom). As has been commonly detailed in recent Elliott wave views I have applied to the NASDAQ Composite, a "rising wedge" once again might be thought unfolding, this time forming wave (c) since early-October 2011 bottom and prospectively completing the second "three" of wave B.
Moving along, now there's the matter of the second "three" unfolding off March 2009 bottom--(forming a 3-3-5 "flat")--alternating from the first "three" of wave B. The first "three" of wave B unfolded off October 2002 bottom and developed into a 5-3-5 "zig-zag" completing at NASDAQ's January 2004 peak.So, the second "three" of wave B alternated from the first "three."
A clean sweep. Across-the-board alternation. A Royal Flush.We're just one card away.
The blue line of support you see drawn above deserves some serious attention. Definitely a key inflection point that has developed in the formation of the prospective 3-3-5 "flat" up from March '09 bottom, as presented above.
If this "flat" in fact completes wave B, it's a good bet wave (1) of C down will destroy this indicated support, amd turn it into resistance. All this, too, likely the very least worse fate the market faces over the near- to intermediate-term .
Yes, all ye faithful, just like you read here yesterday: sometime over coming weeks and months, the worst decline since March '09 bottom rather appears likely upcoming.
Truth be told, I like the above NASDAQ Elliott wave view best of all those presented here so far.
Thus making tomorrow but another of several tomorrows likely spent completing the "rising wedge" forming wave (c), quite possibly pushing NASDAQ toward completing wave B to boot and prospectively setting up, say, a 38.2% collapse over a period of 5-8 weeks sometime later this year...
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