Daneric's Elliott Waves

END OF THE WORLD – REVELATION – UPDATE

I have been predicting global war before the year 2022 is out. So far it appears on track. China has been very aggressive over the last many weeks and even the last year. This level of aggressiveness only brings hubris to the Chinese rulers. Eventually all the war talk will manifest itself into real warfare. And once the first shot is fired in earnest, there is no turning back to the old-world way of doing things.

Is it any wonder the U.S., after having sold out to China for the past 30+ years in sending all our manufacturing over to China and also Taiwan, that the U.S. has just passed the Chips and Science Act of 2022? Do you think the powers to be that run the world don’t know that a war between the U.S. and China is on the cusp of breakout? Of course, they do.

On the other side of the world, Zelenskyy – our real-world Antichrist (or at the least, the Antichrist prototype foreshadow) is gaining political and military power worldwide. Almost all world leaders have gone and pledged fealty to him. Biden (possessed by high level demons) and the Pope (also possessed) have yet to go and pledge “fealty” to the “Jew” of the Ukraine. But when they do, you know it will be “game on” for Revelation playing out in earnest.

At any rate, my timeline for Daniel’s 70th week is still on target. I have suggested recently that August would be the “last hurrah” of the old-world system before the takedown in earnest. And it seems to be so tracing out an Intermediate wave (2) that will peak when it is damn well ready. The only “rule” is that the Wilshire 5000 will not see new All-time highs.

My timeline suggests something will happen on or about after the first week of September. And it could be that the Chinese are just waiting for the calmest time of the year to conduct amphibious operations across the Taiwan strait which is September through November. This is another strong reason why I think they will attack before the year is out – they will lose the weather initiative for another whole year. And Xi wants greatness – I am sure Satan is putting that in his heart to attack.

So, enjoy the relative “peace” (unless of course you are in Ukraine) while it lasts.

Again, there exists enough squiggles in place to consider the count over. If this is the case, the preferred count is below. VIX is diverging a bit.

Next best squiggle I suppose.

Yesterday’s CPCE data. This is one I am watching closely as there seems to be an observable pattern in place. The 10-day moving average (green) should move down to the green trendline as well as the peak daily moving average (purple) should make a max low near the purple trendline. Keep an eye on this.

VIX in slight divergence, CPCE moving to an aggressive position, and JUNK is in slight divergence no new high today.

Wilshire overall volume does not reflect a move to a new high. It is subdued. I don’t have today’s data yet though. The 61.8% Fib – well within “normal” for a wave (2) retrace – is also horizontal resistance. Being that the market is now overbought for the first time since the November peak, it should stiffen up.

I’m still counting on the NYSE to NOT regain the Minor 4 of (1) price peak pivot. We shall see, I guess. This is the point where intense selling began the last time prices were this high. I suspect that previous sentiment still exists at these levels. People have been handed a “gift” of getting out at very good prices.

The dog days of August continue with the market oblivious to anything outside of its own momentum. Which is how waves work to begin with.

The squiggle count was slightly reconfigured to account better for the latest wave moves. It allows for wave [v] of C of (2) to advance as high as it needs and is not price constrained by making the third wave the “shortest”. This is on a smaller scale the count had at since the 2020 low… which is why the Wilshire is counted the way it is overall since March 2020.

The SPX closed the gap where prices “broke” away 3 times previously in late April/early May. We have a slight negative divergence with the VIX occurring today. Higher prices, but not lower VIX.

Coming up on the 200 DMA.

The weekly is very interesting. Let’s see if these trendlines mean anything.

Things are getting exciting. VIX sub-20. Overall market overbought.

More “three” wave structures.

Or:

An example of bull market arrogance. Everyone wants to know if the bear market is “over” or if there is another “technical” price dip to test some magical support line. Or whatever. The entire thing is predicated on “the market always goes up”.

There is a complete disconnect with reality. The ironic part is that Elliott Wave theory has always taught that stock prices move not on any external event, but rather on social mood waves of either expanding good mood or contracting bad mood. Today’s market has again discounted valid EW theory and have embraced “market flow” theory. Or FOMO (fear of missing out).

How about fear of being trapped? Hardly. But that is where the market is eventually heading.

So, have stocks “bottomed”? That is not the relevant question. The relevant question is: Is the world ending as we know it?

Yes, it is, and stock prices will eventually reflect that reality.

Why stop there? Why not a couple of more huge gap up openings? The squiggle count surely supports the notion.

Not yet at the 50% retrace spot.

Zero hedge declared the NASDAQ Composite is now in a bull market being above 20% from the low. The dichotomy is amusing as it is still a bit more than 20% from the highs. Both a bull and bear market all at the same time.

Yesterday’s CPCE data. 1.75 calls for every 1 put. This is of course deemed “normal”, but is it? Is it not a reflection of an extremely overleveraged market?

At the very least, to claim that people are still “too bearish” does not reflect in the actual data of what they do. Which is bullishness all the time, every time. Despite a 35% pullback in the Composite, there never was any real panic to speak of.

Primary count is that Minute [iv] is finally finishing up for good. Any price break of Minute [i] peak would be very bearish and indicate this wave structure as labeled is finished.

NYSE still struggling to get above things and make a move. This was predicted because of the previous negative Zweig Breadth thrust event as outlined by the red arrow down. I am very fascinated if this extremely bearish event will hold true in the long run. 8 days so far struggling with the 38.2% Fib retrace line.

NYSE poke above and beaten down. I still have respect in the negative Zweig breadth thrust event that had previously occurred at these levels. It can be postulated that this negative rush out of stocks at these prices (see red arrow down) is still in effect sentiment-wise.

Today was a thrust out of our proposed triangle giving us enough waves in place to consider the count complete. However, if not presenting the squiggle count:

Everything has been choppy a-b-c “threes” even in the positive direction. It has an ending diagonal triangle “feel” about things.

Yet for a wave (2), the overall market has yet to rally to its 50% Fib retrace. Sentiment is starting to get perky bullish a bit again. More advances will strengthen this sentiment.

Best count has the market either finishing Minute [iv] already or about to early next week in some kind of running (b) wave contracting triangle. There are enough waves in place to consider the count complete.

Could be as simple as a rally to the lines near the 50 weekly moving average. 15 – 22 Aug time frame.

It is always preferable to see a visible Intermediate (2) on the monthly. Gives confidence to the overall count.

Junk curiously couldn’t close its gap down today.

9-month trendline on the VIX broke under today and even closed under. “All is well.”

UPDATE:

The Wilshire 5000 is in a tighter and tighter contracting triangle pattern where even wave (e) makes its own mini triangle. It can also be viewed as a bearish head and shoulder pattern. We shall see, we probably won’t have an answer until next week.

The primary count is Minute wave [iv] because we do not have a 5-wave structure down from peak.

UPDATE:

The top squiggle count may be unfolding:

UPDATE:

Interesting thing of note by Zero Hedge in that the number of people holding 2 jobs is at an all-time high. Here are my off-the-cuff observations of what is going on in the US labor market at the moment in no particular order:

1) The overall economy has yet to truly contract via bankruptcies and voluntary closures. This is a reflection of sentiment refusing to “let go” of the old bull market business cycle. Businesses remain intact by taking on more and more debt. And that was of course very easily done with interest rates, of even junk debt, at all-time lows for quite a length of time. But that dynamic is changing as short-term rates have shot up quicker than anyone imagined.

2) As far as the labor market, people need 2 jobs to survive this inflationary environment. And the businesses struggling to stay alive are paying for that labor. Overall customer service has taken quite a hit as a result. No longer is the customer always pandered to. Except the uber rich of course.

3) The covid “vaccine” has taken an obvious toll on people. Excess deaths and serious injuries as a result of the vaccine of prime working age people are evident everywhere that reflects both in hard statistics and anecdotally. With businesses trying to stay afloat, many in serious debt, and labor in short supply due to vaccine injuries and death, we have a serious divergence occurring. Eventually this serious divergence will resolve itself with businesses closing due to bankruptcy or lack of experienced, reliable labor.

4) Today’s youth – what is it gen Z? (I lost track) are not equipped for the vigors of the working life. There are millions of young 20-year old’s whose brains have been permanently injured by SSRIs such as Prozac. They forever live with their aging parents (many who now work 2 jobs) living an unproductive life relying on government handouts. Even the ones who have dutifully gone to college are overloaded with massive student loan debt and have started life in the hole. Thus, the entire Ponzi system is primed for collapse.

5) So, there is not up and coming generation to rescue Babylon USA. The birth rate is plunging. We are a dying empire and aging baby-boomer septuagenarians, and octogenarians know that their time is running out on the dream of the New World Order. They hate Jesus Christ and why would they care if they wreck the world? That was the plan all along.

In conclusion, it has all been supported by going against God and piling up massive Ponzi scheme debt to support it all. Having sucked every last soul on earth into the global system, the power-in-charge are in perfect position to pull the rug out and let it all collapse. This will be done by purposeful warfare resulting in global financial collapse. And global collapse will result in great famines occurring.

The bible promises it. God promises the end will not be a utopia, quite the opposite. The end will be a 7th Babylon New World Order, a one world religion not based on Jesus Christ, but of the Antichrist and the Devil, and a one world currency (mark of the beast) to weed out and kill the people that are hated the most: bible-believing Christians.

The fake Christians, all the ones who teach a “repent of sins” “works” based salvation (which is most denominations) – who are not saved – many will take the mark including a plethora of Catholics, Orthodox, Protestants, all Mormons and other such cults. Even a lot of unsaved Baptists. And make no mistake, the bible clearly teaches that taking the mark damns you to hell.

UPDATE:

The NYSE. This backs up the idea that Minute [iv] has occurred or is occurring. The “Big Board” index is diverging from the overall market.

Today’s low is actually a critical level for the continuing bull count of Intermediate (2)

UPDATE:

The VIX trendline is most interesting. It is under assault and if the trendline breaks down, the SPX will likely eventually reach SPX 4300 area and the still open gap at the top of the previous wave [iv] of 3 of (1).

UPDATE:

A couple of other squiggle options I’m looking at. It really is just parsing things to the “nth” degree which is half the fun of counting waves. The main idea is that Minute [iv] is in here somewhere….

We are at a good potential identifying spot in the wave structure. Futures indicate a hard open down, and this could be the final wave of Minute [iv] of wave C of (2).

So, this assumes today’s open will eventually bottom, perhaps even at the end of day, and a subsequent wave [v] rally will occur either starting today or next week.

The “key” wave marker is the price point of [i] of C of (2). Prices should not breach that peak if this count is correct. If they do, it is a bearish development.

A more detailed look at the squiggles. The entire pattern takes on the form of a sort of expanding triangle. However, I have it labeled here as an expanded 3-3-5 count.