The primary count is that Minute [ii] of 3 of (3) topped in price today. This implies [iii] of 3 of (3) down has begun and should draw prices well below the previous low.
The DJIA fell 950 points after peaking early. The SPX fell 125 points intraday. This is a good start to the proposed wave [iii] of 3 of (3) down.
A pretty decent impulse wave lower. Perhaps due for an early wave ii bounce first thing tomorrow.
If Intermediate waves (1) and (2) formed a “base channel”, then Minute [ii] perfectly backtested this channel and was rejected. This implies that prices will accelerate downward in an acceleration channel.
There are enough waves in place to consider Minute [ii] complete.
However, if we use the expanded 3-3-5 flat count, it appears we have one more wave to go.
The S&P 500 with the expanded flat count. It is setup to challenge the breakaway gap down. A sustained rally above this breakaway gap down would constitute a reconsideration if this were a Minute [ii] count and not something different.
Remember, we just experienced a negative Zweig Breadth Thrust on the NYSE. It would take a positive Zweig to cancel it out. I am not saying that’s not a possibility, just saying that is probably what it will take to overcome the negative event.
It has 3 days left to trigger a positive “Zweig” event if it is to be. In some respects, market internals are just a function of massive computer buying and selling programs.
This is a very dangerous market. China could attack Taiwan sooner than anyone thinks. It won’t be announced, it’ll be a surprise attack. And the markets have not priced any kind of expanded global warfare at all.
When Satan is ready to wreck the world with global warfare, he will put it into the hearts of those he controls – most every world leader – into making war with each other. Is that not obvious that is already happening?
Update: I’ll post the alternate medium-term count that has the market tracing up much deeper and longer and thus nullifying the count of Minute [ii] of 3 of (3) down. There are many reasons this is not the top count, #1 being that the market has just experienced a very rare “negative” Zweig breadth thrust event. Reason #2 is because all wave structure formations involving waves (1) – (2), 1 -2, [i] – [ii] all take the shape of a potential “bullish” falling wedge.
But regardless, an SPX rally sustained above 4015 would require a reevaluation. But until then this count remains on the backburner. Incidentally, EWI has this pattern on their radar.
But do note that prices may rise to meet the upper trendline (small blue arrow) which also corresponds with the rapidly falling 50 DMA.
Incidentally 2008 also looked like a giant falling wedge until it wasn’t. But note how Minute [ii] rallied to meet the upper trendline. Then total market destruction.
ORIGINAL POST
The market finally popped in what we count as Minute [ii] of Minor 3 of Intermediate wave (3). In theory, this is the last major rally wave prior to a “third of a third” wave down resulting in a technical and social mood sentimental breakdown of the market.
Minute [ii] will probably backtest the base channel formed by waves (1) and (2). A rejection of this channel should result in severe selling intensity that surpasses anything we have seen to date and advance prices lower in a cascading plunge. Thats the theory of Elliott Wave.
We have 2 ways of counting Minute [ii]’s form. The first uses the Wilshire. A simple (a)-(b)-(c) rally.
The second way of counting Minute [ii] is shown with the SPX. It shows Minute [ii] as an expanded 3-3-5 flat count much like we show the next higher Minor 2 as an expanded flat count.
If you recall how we derived the target range for Minor 2’s expanded flat count, we can do the same with Minute [ii]. The lower target would be where wave (c) extends .618 beyond the length of wave (a). That lower target is 3918. The upper target in this case is where wave (c) extends 2.618 (the extreme) times the length of wave (a). This upper target is about 3970 SPX which begins to challenge the open “breakaway” gap down. Thus, the target range box shown in red is from 3918 – 3970.
A move to 4015 SPX to close the breakaway gap (red horizontal line) would be a very robust retrace but not wholly unexpected. As has been pointed out in times past, the 2008 plunge saw Minute [ii] of Minor 3 of (3) a very robust squeeze that reached very deep. But it all sold off soon enough.
Updating yesterday’s charts. The preferred count is that the market will make a concerted effort to rally again in Minute [ii] of Minor 3 of Intermediate (3).
The next best “squiggle” count is that the market is sooner rather than later finishing up Minute [ii] and disaster is soon upon the markets.
The preferred count is that Minute [ii] is not yet finished. The first chart below shows the general outline of the count and that it has a wave (c) of [ii] to trace out. Wave b of (c) may, or may not be over, we’ll figure that out as the waves squiggle.
The main thing to look for is that Minute [ii] overlaps in price with the previous Minor 1 wave low (blue 1). This is a very strong attribute of a series of waves ones and twos up until the point where it switches in the “third of a third” – down to the very tiny – and then we get waves threes and fours overlapping. So in that regard, we have to keep looking for more upside and the count certainly supports it.
The next best count is that a small pop occurs and Minute [ii] price overlaps wave [b] of 2 by a few points (see chart above for where wave [b] of 2 price low is).
Minute [ii] wave (c) would take the form of a stealth ending diagonal triangle and when prices “cross the Rubicon” of the [b] price pivot, a hard sell is unleashed and since all algo’s are on the same page, that will be the undoing of the stock market.
Something to watch for anyways it caught my eye. We do squiggles here and well, there ya go.
Another Minute [ii] option is just a “straight up” count and that wave (c) of [ii] is over at the high today and selloff occurs. Not much different really than the option above as far as bearishness is concerned.
That about does it for the wave squiggle charts. Either Minute [ii] traces much higher as shown in the first chart of this post or we get some variation as shown in the last 2 charts above. All paths lead to ultimate destruction we just need be patient.
I mean, c’mon, the stores are out of tampons for crying out loud, and you want to buy this market?
ZELENSKYY NEWS
Again, projecting himself the world over and for what reason? Antichrist in training that’s why. Please world, prove me wrong. I have been watching, and this is an everyday thing with him.
Boris gave him a biography of the Dragon Queen. Celebrated the 70th Jubilee this month. “70” being of course a very biblical number used in the bible.
Did you see the Jubilee celebration? Purely Satanic.
UPDATE: As you can already see, the links between Tawain and Ukraine are quietly being established already. Once China attacks Tawain you can better believe a new world alliance against Russia/China will form and Zelenskyy will become its mouthpiece.
ANTICHRIST UPDATE
If Volodymyr Zelenskyy is not the final Antichrist of Revelation, then he is at least a foreshadow. He gains power every week and is portrayed as a military hero. Over the past few months, French President Macron has repeatedly suggested that Ukraine might have to concede territory to Russia. Zelenskyy has rebuked him publicly on numerous occasions. Now this past weekend Macron travelled to Kiev to pledge fealty to Zelenskyy, and it was reported as “awkward”.
Repeatedly week after week, world leaders travel to Kiev to pledge their loyalty and their country’s resources to a wicked man. Anyone with an eye can see this is happening. Also of great note is that Zelenskyy has appeared before countless world bodies and meetings to exhort support for the war against Russia. This weekend it was Africa, that Zelenskyy scolded for being lukewarm in regard to the war against Russia. He has already commented about Tawain needs to fight hard if China attacks.
It is clear to anyone who is not a reprobate of the devil, that Zelenskyy is garnering unheard of power and influence already and the Ukraine war is not yet 4 months old. Remember the Antichrist is the “little horn” prophesized about in the Book of Daniel that subdues 3 of the 10 global powers in the end times. This is required to fulfill and complete the New World Order whereupon the Antichrist is given sole power. Babylon (United States) is leading the way. The 3 nations that stand in the way are Russia, China and ultimately Israel (which will fulfill bible prophesy).
Of course, almost all of Christianity teaches the FALSE “pre-tribulation rapture”. This plays right into the hands of Satan. For when the world is plunged into world war and chaos, famine and death, they will lose hope and forsake the Lord Jesus Christ. This great “apostasy” is prophesized about in the bible. This is because Christians do not know Revelation, and they were taught false doctrines about the end times. They were filled with the false teachings of Dispensationalism and Zionism. God does not regard the Jews of today. Judaism is WICKED and it was Satan who gathered Israel back into the land in 1948. Dispensationalism is of the Devil.
So, what we have is the perfect trap laid by Satan. When you see Christians supporting an evil man such as Zelenskyy, you can be sure the centuries of work put in by Satan has paid off in the end. This is not to say that Putin is a man of God – he is certainly not! In fact, I have recently suggested that Putin may in fact be “in on it” and is purposely wrecking Russia for the sake of the New World Order.
Why would Putin do that one might ask? Well, how else is he going to subdue Russia other than through war and chaos? Is he any different than Biden who also wishes to wreck his own country and its people for the sake of the New World Order? What about China? Will they attack Tawain so as to cripple China so as to give the opportunity for the New World Order to subdue the Chinese people and military? One has to look at things through a different lens, a biblical lens. And even if it isn’t a complete worldwide conspiracy to wreck the global system so as to “6uild 6ack 6etter”, Satan controls them ALL and will put it in their hearts to do wickedness and start a global war. So regardless it doesn’t matter. The N.W.O. WILL COME TO POWER, THE BIBLE GUARANTEES IT.
Concerning the Antichrist, the bible tells us about the “little horn” – not of the 10 – in Daniel chapter 7:
7 After this I saw in the night visions, and behold a fourth beast, dreadful and terrible, and strong exceedingly; and it had great iron teeth: it devoured and brake in pieces, and stamped the residue with the feet of it: and it was diverse from all the beasts that were before it; and it had ten horns.
8 I considered the horns, and, behold, there came up among them another little horn, before whom there were three of the first horns plucked up by the roots: and, behold, in this horn were eyes like the eyes of man, and a mouth speaking great things.
19 Then I would know the truth of the fourth beast, which was diverse from all the others, exceeding dreadful, whose teeth were of iron, and his nails of brass; which devoured, brake in pieces, and stamped the residue with his feet;
20 And of the ten horns that were in his head, and of the other which came up, and before whom three fell; even of that horn that had eyes, and a mouth that spake very great things, whose look was more stout than his fellows.
21 I beheld, and the same horn made war with the saints, and prevailed against them;
22 Until the Ancient of days came, and judgment was given to the saints of the most High; and the time came that the saints possessed the kingdom.
The Beast in verse 7 above was the Roman Empire. It had 10 horns, and these represent the 10 global nations (nuclear armed I propose) that arise out of the ashes of the Roman Empire (Babylon empire #7). These 10 horns are 10 global powers at the end of the world that must be united to form the 7th Babylon global empire (N.W.O.). The “little horn” is not of the 10 and represents the Antichrist of the final global empire – what we call the New World Order. This means that the Antichrist does not come from any global nuclear power. Ukraine of course is not a nuclear power anymore. The Antichrist will also be Jewish because ultimately Judaism will receive him as their Messiah. Zelenskyy is Jewish. What are the odds?
The Antichrist must subdue 3 global powers. I suggested that the 10 final global powers are obviously the nuclear weapon armed nations of the earth which there are currently nine: U.S., U.K., France, Russia, China, Pakistan, India, Israel, North Korea. There likely will be a 10th nuclear power nation before long and that is probably going to be Iran. Can you now see why the United States – the Babylon whore of the end times – so desperately wants Iran to get the “nuke”? To be that 10th nation? The ancient Persian Empire of the bible.
The 3 nations that must be subdued is again, Russia, China, and then ultimately – and lastly – Israel (to fulfill bible prophecy). Once Iran is armed, Babylon (the United States) and her client whoremonger nations of the global alliance against Russia (and soon to be China) will use Iran to provoke Israel. Just like we are using Ukraine to provoke Russia and Taiwan to provoke China. Now is it starting to make sense? From a biblical end times prophecy standpoint, it makes perfect sense.
But how will Zelenskyy be granted power and subdue these 3 nations? I propose that once China attacks Taiwan (this year), a new global alliance arrayed against Russia/China will form and at some point, Zelenskyy will be elected its leader.
And again, I’ll leave it at that for now. I haven’t delved too much into how Israel fits into end times prophecy but in a nutshell, once Russia and China are subdued, the global alliance will ultimately need to secure a global peace. There will be worldwide wars, famine, death and a collapsed financial system. The Antichrist and the False Prophet will have “all the answers” and propose peace overtures to the entire globe of which mankind will be willing and ready by then to accept. Israel accepts. But then the Antichrist gets assassinated (probably by a “Messianic” Jew) and is dead for 3 days. He is miraculously “resurrected” except he will be possessed by Satan himself. The Antichrist’s armies will trod down Jerusalem and enter into the Temple – I propose it will be the Muslim “Dome of the Rock” – and proclaim himself to be God. The mark of the beast is implemented worldwide. And well, things look bleak for Christians. Until Jesus of course comes in all power and glory.
CONCLUSION
Is Zelenskyy the Antichrist of Revelation or just a foreshadow much like the global vaccine campaign was a foreshadow of the mark of the beast? Things go fast in the end times so we WILL know soon enough.
If you want the TRUTH of end times prophecy start watching the “NEW” IFB Pastors here ALLthePreaching.
This is a wicked man regardless of being the Antichrist or not. But then again so are ALL the global leaders wicked men ALL children of Satan.
THE COUNTS
It appears Minute [ii] is confirmed to be tracing out. We have several potential variations. The first is here and is the most aggressive retrace.
This short-term SPX chart shows a variation in that a downward Minute [ii] flat is playing out and will end sooner than the Wilshire chart count above. Of course, the Wilshire would follow suit as it is the SPX’s “twin”. I use the SPX and WIlshire interchangeably although I like the precision of the Wilshire.
No matter the squiggles, a reminder of the “bigger picture” looks something like this:
If and when China collapses in social mood, it may spark war with Tawain.
Tonight, I only present the most bearish wave count. There are other variations in which some or all of the recent huge gap(s) down in the SPX get covered in Minute [ii]. See my previous posts for those variations.
But at some point, the “gaps” down will not be covered if this is the end of the world as we know it. At some point, “gap trading” will fail and fail miserably. Are we at that point?
There exists a most bearish count, even if tomorrow open is a “pop” open up, that we are on the verge of a wave (iii) of [iii] of 3 of (3) down and so I don’t want to mess that up and miss that potential wave signal.
This is a dangerous market. The wave squiggles are “setup” perfectly for a most massive market selloff “third of a third” wave down. A “breaking point” and a panic point where the country is awakened from a deep slumber that something’s amiss.
Tomorrow should be a volatile day. Expect a .75 rate hike at the minimum. The wave structure supports the idea of an aggressive rally as outlined yesterday. Today may have been the Minute [i] price low as the wave structure can count as “complete” for Minute [i] down as there exists a very adequate subwave squiggle count as shown. Minute [ii] would be the final hard bounce prior to the real panic plunge – perhaps a Fibonacci .618 of the peak of Minor 2.
The “job” of Minute [i] of Minor 3 of (3) down is/was to advance prices lower than 1 of (3) down. And in that regard, it has met the down sloping trendline. All indices seem to be in agreement on this.
As suggested yesterday, if there was ever a point in the wave structure in which the market “covers” the two huge recent gaps down, now is the time to do it. Simply put, the wave structure supports the notion of a volatile extreme short-covering rally. And the hedge funds are again playing yo-yo with the market always on the wrong side of things.
Yesterday’s NYSE breadth thrust data point. Again, this is a historic “inverse” breadth event not seen in 80 years. And yesterday was day 11 and buried the data point deep beneath the .40 line. This is the kind of data that cannot be ignored. It takes an opposite violent reaction to recover from such a negative event.
Not saying that it cannot happen, because, in effect that is exactly what happened Oct – Nov of 2020. However, the wave count does not support the notion that the market is “bottoming” at this time and going to all-time highs. In Oct/Nov 2020, the wave count DID allow and support the notion of a new all-time high since the 2020 plunge proved to be wave (E) of Primary wave [4] a huge expanding triangle.
An updated 3- and 6-month yield chart. The Fed fund rate is now a solid 1 point behind the market. There is justification for a 1-point hike tomorrow. Again, based on squiggles, the market supports the notion of an aggressive stock market rally in Minute [ii] of 3 of (3). The last great short-covering rally before the massive worldwide panic.
Otherwise, an outright crash is also not out of the order of things being that if this is the end of the world as we know it, you can forget about “orderly” selling and covering massive gaps down. At some point it will all break and break for good.
We haven’t even begun to discuss the massive dislocations going on in the interest rate swaps “CDS”. And the poor consumer. Tapping their credit cards, spending their savings, and their prime rates are going to go up tomorrow at least another .75 %. The middle class is getting hammered but of course that was the plan all along.
I never say they are “stupid”. Joe Biden is not stupid; he is clearly possessed by a high-level demon(s). They are doing exactly Satan’s bidding.
Imagine if China attacks Taiwan in this current atmosphere? What do you think would happen to worldwide markets?
[UPDATE:] I added the 3/6-month yield spread chart. A .50 hike is not going to cut it, a .75 is surely coming at the very least. A full one-point hike would shock the markets, yet the charts support it.
Remember, many Fed and high-level bankers secretly attend Bohemian Grove and Jackson Hole demonic rituals. In the long run, their marching orders are to tear this market down. The long running “paradigm” of the Fed always rescuing a plunging market at the benefit of the rich is a perfect setup in their favor. Wiping out trillions and bankrupting the middle-class (many of them Christians) will still result, in the end, the uber elite owning billions $. Sure, maybe a $20 billion fortune goes to $5 billion but they own it all anyway so why would they care? Proportion-wise they will still be the uber 1% of the 1%.
The best overall count is that the market is looking for Minute [i] of Minor 3 of Intermediate (3) price pivot low.
So much to say! How does one do it in a concise, coherent and organized manner? Well let’s break things down in categories:
MARKET TECHNICALS
Today was the worst day in a long-time market-internal wise. Bearish market internals are increasing, not decreasing. Well above an across-the-board 90% down day overall market wise. This very bearish down day is consistent with a concerted “kickoff” of a Minor wave 3 of (3) down. Every major index finished beneath the previous pivot spike price low of the past few months (except the Russell 2000). In that regard the market seems to be in a long-term agreement.
Another technical situation is that today’s low reached a down trending trendline. If tomorrow was to open smash mouth gap down through this trendline, then probably a full-blown market crash is under way. Some more commentary beneath the charts.
Again, the markets are at the mercy of overnight futures, so we shan’t waste too much time on things tonight. Technical-wise, the VIX is NOT yet at a new pivot high since November and the medium-term moving averages of the CPCE is far from a panic oversold situation. As is the simple mechanics of RSI and MACD of any daily chart you look at. In other words, there is plenty of technical bearish room to run on not only the daily charts but the weekly and monthly. So, this supports the overall bearish long term wave counts. But we knew that.
Finally, we can see that huge gap(s) down in the market indices (such as in the SPX) exists and we can make a certain logical wave statement as such: IF these gaps are to be covered THEN now is the best time to do so concerning a wave count interpretation.
The SPX wave chart below presents a potential extreme volatility view of the waves centered around the Fed meeting this week. I expect very wild swings and the count presented below supports such wild swings.
Today may have been the price low of Minute [i]. Note all the alternate possibilities. How would one trade this mess? LOL.
BEST SQUIGGLE WAVE COUNT INTERPETATION
The best overall count is that the market is looking for Minute [i] price low of Minor 3 of Intermediate (3) down. We can compare this to the 2008 selloff, the Minute [i] low coincides with a downtrend line. A very sharp bear covering rally ensued resulting in a short-lived Minute [ii]. Recall though, this was when the banks were forbid to be “shorted”. This situation doesn’t exist today yet any “news” could spark a violent final rally if the 2008 model is to be followed in form.
The “breaking” of this downtrend line was the heart of the panic selloff and was the steep “acceleration” downward of the overall wave structure. Look for something similar in 2022 to occur. Minute [iii] of 3 of (3) down. The market is in a very similar setup except the times are shortened and the down sloping trendline is much steeper. (See first chart of this post)
The Wilshire potential count. Perhaps Minute [i] low is in.
(Note: I do not have the today’s BT data point until tomorrow. But do note the very bearish NYSE histogram red bars at the bottom of the chart. Worst day in 2 years.
The junk credit situation is not good. A Ponzi scheme can unravel very quickly.
What is the big difference between the market collapse occurring now versus 2020 and prior? Interest rates are exploding is the obvious difference. In 2020 interest rates plunged, in 2022 they are surging upwards! Markets under duress.
