Oh, this is scary – - and too, too funny. Right on the heels of my post yesterday, none other than Elliott Wave International is bragging via Twitter about…………their LONG plays! Sentiment is now 100%, people.
On Wednesday night I noted: “The bounce this morning is most likely a corrective bounce in an a-wave, which still needs a c-wave higher to complete the red (b) wave. So, unless I see something different into tomorrow, I am expecting the market to resolve this pattern lower over the next week. Hopefully, it can also break the cited support to make it more clear that the larger degree correction is upon us.” (more…)
Amazon (AMZN) hit my initial target of 353 for wave iii of the larger diagonal to be complete, but on a smaller scale it has room to extend a little more from the 350s to hit the trend line now floating between 375-380 through next week. (more…)
With the market invalidating further downside with the move over 1642ES overnight, it opened the door to this move higher. However, we are still potentially on track for an ideal 5 wave structure to the downside, with this being a wave iv rise, in an a-b-c fashion. (more…)
Tuesday’s action was almost a picture perfect replica of what we saw last Thursday. Is that a clue that we are going to get the same follow-through afterwards? If so, it would suggest another trip back towards 1680 from here, but again we are left with multiple possibilities on the chart at this time. (more…)
While this top we have in place right now has not yet confirmed itself as a top, the only way to consider it a top of all of green wave (3) or yellow b would be with a truncation in place. Those that have been with us for a while know that I am not fond of truncations, as they are very unreliable trading cues, and are often invalidated as tops. (more…)
I have been exercising patience in the face of this move up and refraining from positioning to the downside too early, given that I was expecting that at least SPX 1710 will get hit and the structure to the upside looked incomplete. At this stage, with SPX having hit 1710 today and soon to be bumping up into the TL off 2009 lows, I am now ready to position for the bigger move down, and wanted to share how I think about it. (more…)