Don't Panic - Market Analysis for May 27th, 2020
By
Zac Mannes
The blue "2" has several advantages to the purple subwave count for c of 3, most importantly it carries the words "Don't Panic" in large friendly letters.
While we can maintain the blue alt 1 as an abc up still in an ED for (5) of P.3 in GC, the April high for blue 1 easily counts as 5up allowing this "alt blue" structure to be an IMPULSE for (5) of P.3 and likely stretching the rest of that move toward... drum-roll please... ... 2200. And that is with pretty MUTED extension for the 3 and 5... if a more normally proportioned impulse the 3-4-5 could stretch toward 2300+.
The 1634 region is going to be my ideal support level for a blue 2, but 1606 & 1566 are perfectly valid Fib retrace regions. Technically the purple (ii) has not invalidated b/c it is still holding over the previous May low, however dipping under the 78.6% Fib retrace as discussed yesterday makes it significantly less probable.
Getting more of this blue 2 should drag on Miners a bit, in many it should get us more reliable consolidations that we can more comfortably count as "twos" as well. I especially like the way this seems to fit much better with the HUI.X & TXGM.
