Elliot wave analysis showing the market is currently at the top. With the current state of affairs in the world, and the fact that wave 2 can retrace 100%, this leaves open a very good possibility of a total market collapse that still conforms to Elliott rules. On a large scale, we are entering a wave 2 correction. The standard correction can be expected to last 10 years like the previous cycles. However, if the correction ends up being a combination, and the world has continued on its current path, panic will quickly set in and all the fun will be over by 2033.
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Small correction that is unimportant to the full picture, but the first wave 1 was actually hit in Aug 1987.
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And a little more data supporting this idea...
WAVE 3 Fibonacci Extension - 3.618 of wave 1
WAVE 5 Fibonacci Extension - 1.618 of wave 1-3
WAVE 3 Fibonacci Extension - 3.618 of wave 1
WAVE 5 Fibonacci Extension - 1.618 of wave 1-3
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Weekly charts from top 10 companies from S&P help confirm the bear market is here. Stay safe out there.
Apple - Bearish Pin Bar on weekly and MACD divergence
Microsoft - Bearish Pin Bar on weekly and MACD divergence
Alphabet Inc - Not as bad but still MACD divergence
Amazon - Double Top at 4.236 Fibonacci Extension level and MACD divergence
Facebook - Bearish Pin Bar on what looks to be wave 2 heading down. Wave 1 down started in July 2018.
Berkshire Hathaway - Double top looks to be heading same way as the rest.
JPMorgan Chase - Price sitting at 1.618 Fibonacci Extension level and MACD divergence.
Johnson & Johnson - Double top hit back in Dec 2018. On the way down with the rest of them.
Visa = Huge bearish engulfing candlestick in Sept 2019. Now displaying head and shoulders reversal pattern.
Walmart - Bearish Pin Bar in Nov 2019. Ready to fall.
Apple - Bearish Pin Bar on weekly and MACD divergence
Microsoft - Bearish Pin Bar on weekly and MACD divergence
Alphabet Inc - Not as bad but still MACD divergence
Amazon - Double Top at 4.236 Fibonacci Extension level and MACD divergence
Facebook - Bearish Pin Bar on what looks to be wave 2 heading down. Wave 1 down started in July 2018.
Berkshire Hathaway - Double top looks to be heading same way as the rest.
JPMorgan Chase - Price sitting at 1.618 Fibonacci Extension level and MACD divergence.
Johnson & Johnson - Double top hit back in Dec 2018. On the way down with the rest of them.
Visa = Huge bearish engulfing candlestick in Sept 2019. Now displaying head and shoulders reversal pattern.
Walmart - Bearish Pin Bar in Nov 2019. Ready to fall.
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Just took a look at GOLD and saw it is doing the exact same thing but 10 years ahead. Maybe a little slower moving but looks like it could hit $0 by 2030...Amazing similarities.
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Looks like that last wave 5 had one last bull trap to squeeze in there before saying goodbye. Correction - Top of market was 12/12/2019. 12 signifies and ending of a cycle too (clock, months, etc.) makes more sense this way anyway :)
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Stay out of that Bull Trap! Get ready for the Friday the 13th fall!
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Looks like a possible head and shoulders reversal pattern forming over the remainder of the month as the first wave down begins. I assume the 3rd wave down should start right around the new year.
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Looks like this is obviously happening much faster than I originally anticipated. My most updated model shows just how fast this could be heading for ZERO!
