Late-afternoon October 29, 2018, NEoWave's Glenn Neely released the following critical update regarding S&P forecasting. This notice is important for NEoWave Forecasting service and Trading service subscribers as well as all Elliott Wave afficianados and those interested in wave forecasting.
Despite a nearly perfect year of NEoWave forecasts on the S&P, the size of October's drop is too large to maintain my previous outlook. I wanted everyone to know of the change in perspective that Wave structure and behavior is now forcing.
X-wave correction? Late today, the cash S&P pushed to additional new lows, which eliminated potential for a “supplemental” price event. We should now assume wave-g (and its larger NEoWave Diametric pattern) is now over.
NEoWave Analysis -- Weekly Structure:
Late today, the cash S&P broke last week’s low, which eliminates our ability to delay the conclusion of wave-g. As a result, we can now confidently state the 2+ year NEoWave Diametric (starting mid 2016) is over. Because October’s drop off is slower and more complicated than February’s decline, we should assume the current decline is part of a multi-month X-wave correction (see red-dashed line for projection on the chart posted on NEoWave's Facebook page).