Update Thursday morning: The futures dropped further overnight, so what we have now is almost a full set of five waves down, which will likely complete this morning. Then we should retrace about 62% rather than to the top of the wave. Not a huge change but the good news is the downtrend is confirmed… Read more
Market Forecast Overview
Just one chart tonight as nothing has really changed. It’s ready, aim …. time. The firing comes when you see they whites of their eyes. If you want to know where we’re at across the US indices, the two previous posts should do it. The earlier one provides more of an overview. Bottom line: We’re… Read more
This market makes me nervous. I’m personally taking a “wait and see” stance. It’s a really good time to sit on your hands. I’ve tried to portray a sense of caution but want to make sure I’m being heard, particularly as the latest moves have injected a bit more doubt than earlier moves. When I… Read more
I’m back after a really horrendous weekend (plus a couple of days) in Toronto. I’m still without my main computer, but hopefully I’ll be able to snag a new one tomorrow. Thankfully I back up my work about once a week. That’s the extent of the good news … haha. There seemed to be a… Read more
Humpty (meaning the market) had a bit of a “fall” this morning. I don’t think that all the Fed’s horses, or all the Fed’s men have a chance of putting this thing back together again (even though they themselves might think so). Tonight’s “update” will be just that—short and sweet—since it’s on the heels of last… Read more
OK … I meant “market.” No market for the feint of heart. But one of my favourite movies, nonetheless. We’re at a US market top. Everything’s a little out-of-whack. It’s fairly even bulls and bears and the waves aren’t very long, there’s virtually no volume … because everybody’s “in.” So, unless you really know what… Read more
Today, I want to give as complete a picture as I can as to where I believe we’re headed, short term through long term. Friday we climbed a bit more above my 62% target at 2106 in the SP500, but we’re still in what appears to be a countertrend move (a second wave). That’s typical for… Read more
Update Wednesday Evening: Today we climbed a bit above my 62% target at 2106 in the SP500 (we’re at about 68%). That’s typical for a second wave as part of the first wave sequence. That’s because this is still a very bullish market and it takes time to change the herd’s thinking. The up wave… Read more
The bottom line is that the short term direction of the US equities isn’t clear. Monday (which may stretch into Tuesday) should provide the guidance as to what the market has in store. The two main options for Monday point in opposite directions. My preferred count has another small bounce before we head down in… Read more
I hope nobody was thinking this was going to be easy! Cause it’s definitely not. This is about as muddy as markets get from an Elliott Wave perspective. Even cycles aren’t giving me a clear indication of where we’re going, other than the short term (tomorrow—Friday, July 24). Short term, we’re going up. This is… Read more
