Sunday, March 17, 2013

Dow Jones ~ Elliott Wave Count ~ 17 March 2013

I think everybody is waiting eagerly for the markets to open. I personally am very interested to see the move in gold.

The other thing I'm interested in is if there will be any capital left in Cyprus by the end of this week. I don't know why anybody would keep their money in their bank account.

Before the markets open I'm posting updated counts for the Dow. They haven't really changed since my last updates. I think we're at the end of the rally that started in November last year.


These rallies which just go up without any correction are very difficult to count. So I'm still not sure where to put wave [iii]. One possibility you can see on the chart. Another possibility is to label 14540 as wave [iii] and tomorrow's decline (if we get one) as wave [iv].

Whichever count is correct, we should be near the end of wave 5.


As shown on the short-term chart wave 5 (and wave (C)) either ended last week or will end very soon, which means that April/May should belong to the bears.


Long-term counts are always very speculative since there are many different possibilities to count the waves. So take this count with a grain of salt. Should the count turn out to be correct though, we should be near the beginning of a new bear market.

You can check out my other counts here:

(Previous Dow Jones counts: Short-term , Medium-term , Long-term)