Dow Jones Industrial Average, October 29, 2023 | Elliott Wave Plus

This last Sunday, October 29, just as extremely bearish articles were being published by perpetual braggadocious Elliott Wave types, I was calling for an imminent multi-week rally in the stock market. On Monday, the Dow rallied over 500 points! And I had lots of reasons to be bullish: 1) my Elliott wave count, which always incorporates: 2) Hurst cycle analysis, 3) Sentiment, and 4) Seasonality. The attached video shows my detailed coverage of the Dow Jones Industrial Average from my Sunday, October 30 weekly "Counts" webinar for Pro and Premium Plan subscribers. By the way, my main wave count on quarterly, monthly, and weekly charts of the Dow Jones Industrial Average hasn't wavered since late-July, when I suggested that the stock market had moved as high as it was going to for the year.
The bottom line: Elliott Wave, when used ALONE is dangerous. It allows bias and indecision to creep in at critical junctures. The fact is that Elliott wave theory desperately needs additional corroborating evidence from several dissimilar methods of technical analysis before it can be trusted enough to put your hard-earned money at risk! And THAT is the Elliott Wave PLUS difference! We provide persistent checks and balances, supplied by a seasoned market analysis veteran, that NONE of our competitors can match.

[@vamosperu4853]

Thanks for update, im following you since 2017

[@chrishopkin9273]

Excellent, explanation of your wave count. I’m seeing a bearish rising wedge nearing completion since your call for this b wave. At what point would you throw in the towel on this being wave 4 from the 2009 and consider that we ended at 5 of 5 at the all time highs?

[@sidnorriselliottwaveplus853]

Actually, my wave count is that wave 4 (black - intermediate degree) up from the 2009 low occurred in March 2020. (See the monthly chart.) As for considering the possibility that the Jan 2022 was the end of grand supercycle wave 3, I would only consider that if we see a clean, clear 5-wave down structure on a weekly chart from the Jan 2022 all-time high through the coming mid-2024 Hurst 4.5-year cycle low. Frankly, the market has held up long enough now that that wave count seems highly unlikely in my opinion.