Ewj: elliott wave

Now TRAN may be in Wave 3)5.5:5 or Wave 3)5.5:1v .

 

SPX may be at the beginning of Wave 3)5.5?

 

A strong move UP as expected.
Wave .3:3v target may be 81.7 .

 

It is not uncommon that wave 5 is equal to 61.8% of wave 1 like this TRAN's wave five.
Wave 3)5.5:2 target = 7960,
Wave 4) target = 7010.
Don't know which is the right target.

 

This drop may be Wave V]IV)Dc]5)3.4 or Wave V]V)I3]5)3.4
unless 16,505 is broken.
If 16,200 is broken, this drop cannot be Wave 5)4 .

 

This drop may be Wave 3)5.4 unless 1883 is broken.

 

$USD @ 81.64 almost touch 81.7 target.
Wave :5 may end at 82 or 83.

 

INDU low = 16.394 so this is not Wave 3.4 .
This may be Wave 5)4 as long as 16,200 is not taken out.

 

A strong rebound from above16,200 may be the beginning of Wave V]IV)Dc]5)5? or V]V)I3]5)5? .
Wave 5 should be shorter than wave 3 because wave 3 is shorter than wave 1.
There may be no new high if there is wave 5 failure.
Five waves DOWN, if three waves UP then new low, 16,200 may be broken.

 

Crude Oil did not rebounded as expected because Wave 2)c extended into .1 .2 .3 .4 and .5 which seems to form a descending wedge.
Next should be a rebound as Wave 3) to $109 .
But a DOWN move to $87 is also possible.