patrick.net

Since the beginning of the year the short term wave counts have been muddled at best. It’s time to step back and look at the bigger picture again.

It appears the last year has formed an ending diagonal. One of the characteristics of an ending diagonal is that, once complete, it quickly retraces the entire diagonal in an extremely short period of time, an almost vertical collapse of the gains since the beginning. The diagonal began at 1737.92 on the 5th of February, 2014. That means when the reversal begins in the S&P 500, an entire year of gains will be wiped out in a matter of weeks, a couple of months at the most.

http://www.globaldeflationnews.com/sp-500-indexelliott-wave-update-for-week-ending-2132015/