Elliott Wave and Index Trends with POKERSAM Message Board

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Strategies & Market Trends : Elliott Wave and Index Trends with POKERSAM

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From: POKERSAM	7/26/2023 12:45:15 PM
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As we move toward confirmation of the end of bear market rally at 4580. Let us pause to reflect on the danger of having a directional bias. It doesn't allow for tops or bottoms in the market's movement higher in five waves up and three waves down. It only allows for the constant movement in the direction of your directional bias. We are in the process of three waves down of a very large degree. It is a SuperCycle (II). It began at 4818 in Jan. 2022. The three waves down will be Cycle waves ABC. We are now beginning Primary wave [3] of Cycle Wave A. How certain can we be that the top of [2] is in. Well, all one can do is look at the evidence. There are adequate waves in the appropriate structure. The count has the right look and meets all the rules and a large number of guidelines. I was looking for a common 5 wave impulse for the last move higher targeting 4623. Instead, we got an ending diagonal fifth wave that, of course, was shorter. Wave [2] is a large (ABC). The (C) wave extended and [2] has retraced [1] more than normal but has broken no rules and shows a clear (ABC) wave structure with sub waves of 5-3-5. It is early and I await more confirmation. Confirmation of a trend change will be in the form of 5 wave impulses to the downside with breaks of support levels. As these things take place confidence in the top will grow. There are some excellent analysts on SI who follow different disciplines than Elliott Wave who agree there is a good possibility we have seen the top. They reference the evidence garnered from their study. In this time of mass euphoria, they are the small minority. You should mark those who acknowledge that the top is possible if not probable. They are open to the market and recognize it can go in two different directions. They are of value. You should also mark those who refuse to acknowledge even the possibility of a top being in. They are perma bulls. They are not allowed to even acknowledge corrections exist. They are worthless.

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