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Elliott Wave Status For Stocks:
WAVE COUNTS
- Wave A up from the March low ended at the April high.
- Wave B down ended at the Thursday May 14th low and wave C up began.
- Wave C is in progress.
WAVE OUTLOOK
- Wave C may test or exceed the Feb/2020 high in the coming weeks or months.
- The March low is anticipated to be the low of the year for stocks.
WAVE STRUCTURE
- A test of the Feb/2020 high would imply that a large triangle or flat correction is forming from the Feb/2020 high and not a zigzag as described in the previous two blog stock updates.
- Stocks would need to stall near here and then turn down if forming a large zigzag. This does not appear likely at this time. If it does occur, the March/2020 low would be taken out within the next few months
