The refiners are now looking very good for lower supports of wave 4 of (iii) in MPC & VLO, and wave (ii) in HFC (maybe one more low to 36s
TSO does not have as nice a chart with clear targets, but the 15min there shows a much cleaner abc down completing.
I think they should all run together again.
From Zac Mannes, originally posted on ElliottWaveTrader.net.
Oh, this is scary – – and too, too funny. Right on the heels of my post yesterday, none other than Elliott Wave International is bragging via Twitter about…………their LONG plays! Sentiment is now 100%, people.
On Wednesday night I noted: “The bounce this morning is most likely a corrective bounce in an a-wave, which still needs a c-wave higher to complete the red (b) wave. So, unless I see something different into tomorrow, I am expecting the market to resolve this pattern lower over the next week. Hopefully, it can also break the cited support to make it more clear that the larger degree correction is upon us.” (more…)
Amazon (AMZN) hit my initial target of 353 for wave iii of the larger diagonal to be complete, but on a smaller scale it has room to extend a little more from the 350s to hit the trend line now floating between 375-380 through next week. (more…)
With the market invalidating further downside with the move over 1642ES overnight, it opened the door to this move higher. However, we are still potentially on track for an ideal 5 wave structure to the downside, with this being a wave iv rise, in an a-b-c fashion. (more…)
Tuesday’s action was almost a picture perfect replica of what we saw last Thursday. Is that a clue that we are going to get the same follow-through afterwards? If so, it would suggest another trip back towards 1680 from here, but again we are left with multiple possibilities on the chart at this time. (more…)
While this top we have in place right now has not yet confirmed itself as a top, the only way to consider it a top of all of green wave (3) or yellow b would be with a truncation in place. Those that have been with us for a while know that I am not fond of truncations, as they are very unreliable trading cues, and are often invalidated as tops. (more…)