NYSE Composite Index + Wilshire 5000

by WaveTrack International| February 20, 2019 | 15 Comments

NYSE Composite Index + Wilshire 5000 – December’s Five Wave Uptrend Tests Upside Targets – Preparing for Counter-Trend Downswing!!

The following is an extract from our Institutional Stock Index Report published Thursday January 17th 2019

December’s rally in the NYSE Composite and Wilshire 5000 indices are both unfolding into a five wave ‘expanding-impulse’ patterns. This means the December low ended 2018’s correction ahead of the S&P 500 and Nikkei. Shorter-term, this impulse pattern remains incomplete with upside targets around +11% per cent higher. This is directly comparable to the Nikkei’s +7% upswing basis the performance ratio of 1:1.7. Only when completed do we expect to see the S&P 500 and Nikkei begin one additional and final decline for the diagonal pattern. The NYSE Composite and Wilshire 5000 indices synchronise as they begin a 2nd wave correction

Wednesday’s mid-week Elliott Wave Navigator Supplemental report commented that two peripheral U.S. indices, the NYSE Composite and Wilshire 5000 indices were exhibiting characteristic qualities of ‘price-expansion’ since pushing higher from the secondary lows of early-January. This is typically 3rd wave activity within an uptrend – see fig #1.

NYSE Composite Index + Wilshire 5000 – Elliott Wave Track Record by WaveTrack International

These advances began with a step-like movement of three price-swings which can easily be identifiably mistaken as a three wave correction within an existing downtrend. But these are a bullish 1-2-1 sequence ahead of a 3rd-of-3rd price advance which has now unfolded to current levels. To complete the entire five wave pattern, it must continue as a 4-5-4-5 sequence – we’ve extending the 1-2-1 by a fib. 161.8% ratio which projects towards 12640.00+/- for the NYSE Comp. index and 29000.00+/- for the Wilshire 5000 Comp. index.

Conclusion

There’s been much talk since early-January of a new secular-bear downtrend beginning from October’s highs – we have consistently shown various economic data with Elliott Wave overlays how this is an erroneous call – see annual 2019 report.

STOCK INDICES VIDEO OUTLOOK 2019

If the NYSE Composite and Wilshire 5000 indices unfold over the next couple of weeks as we show here, then, the secular-bull uptrend will be confirmed.

Wednesday 20th February Update

December’s Five Wave Uptrend Tests Upside Targets – Preparing for Counter-Trend Downswing!! See fig #2.

NYSE Composite Index + Wilshire 5000 – Result! 20th February 2019

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WaveTrack International is a financial price forecasting company dedicated to the Elliott Wave principle and work of the R.N. Elliott. Clients include Investment Banks, Pension Funds, Total/Absolute-Return/Hedge Funds, Sovereign Wealth Funds, Corporate and Market-Making/Trading institutions and informed individuals -- & just about anyone who is affected by directional price change.

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NYSE Composite Index + Wilshire 5000