We Elliott wave bloggers are like the gibbons at the Lincoln Park Zoo. We're always trying to pee on the tourists, and sometimes we even get them. But it's important that we keep trying, that we may get them tomorrow.
It struck me today how similar the current tape is to the initial candles we put in from 1343, back in November. Tonight's chart carries the comparison a little further, a wave 5 here that is similar in shape and time to wave 1, but not as strong.
Counting the wave 1 as 95 points from 1343 on November 16, this would take us through very nicely to next Friday.
I'll look for a spinning-top doji tomorrow, followed by a little rally into the May FOMC announcement Wednesday. If we get that, I may even pick up some UVXY for a play into Friday.
Lots of notes on the chart. Hang in there, bears.