Wave c of minuette (ii) extended higher today, pushing past the 61.8% retracement. The wave structure looks complete, so a reversal could occur at any time. Again, however, more upside is possible as long as prices don’t advance past 1100, which is the top of wave (i). Volume shrank to 944 ...read more
The upward correction is extending. I’ve changed the labeling of this correction to (ii) since it has been such a steep correction. It has just hit the 61.8% retracement of 1077.10, which could mark a possible top. The Elliott Wave count is a double correction: first, an expanded flat ...read more
Prices are currently in the process of tracing out 1’s and 2’s to begin wave (v) down. Volume finally increased to 1.39 billion shares traded today, the highest level since July 16. The a/d ratio closed at 1.2:1 with a TRIN of 83. ...read more
The expanded flat is complete and prices are falling lower in wave (v). Volume declined today to 809 million shares traded. The a/d ratio closed at .28:1. The TRIN became slightly oversold in the last five minutes of trading, closing at 377. This oversold condition could lead to a small bounce ...read more
Wave (iv) is unfolding as an expanded flat. The 38.2% retracement is 1063 while the 50% retracement is 1070. The market appears to be meeting round-number resistance at the 10,000 level in the Dow. The current a/d ratio is 4.7:1 with a TRIN of 52. ...read more
The counter trend rise of wave (iv) topped today, and we are now in the process of wave (v) down. Volume decreased today to 1.032 billion shares traded and the a/d ratio closed at .55 to 1 with a TRIN of 187. Look for a sharp decline tomorrow. ...read more
This morning’s low should mark a short term bottom. Prices completed wave (iii) this morning and should be tracing wave (iv) up. Once complete, these five waves will constitute Minute [i] down. ...read more
Prices declined sharply this morning in a third wave. Currently we have either finished wave iv, or it is still playing out as a triangle. The next move should be a decline in wave v to complete wave (iii). A/d ratio is currently .44:1 with a TRIN of 179. ...read more
Minuette (ii) topped this morning at the 50% retracement level. We are currently in Minuette (iii) down, which should be a steep decline. Today’s volume was a tiny 854 million shares traded and the closing a/d ratio was .58:1. ...read more
Minor 3 is underway and Minuette (i) bottomed today. Currently we are in Minuette (ii) up, which should end near the 50% retracement of 1082. Wave (ii) should end quickly as it will likely be a sharp correction fueled by short covering. Weekly volume managed to pick up slightly from last ...read more
Minuette (iii) has begun. Volume picked up today to 1.065 billion shares traded and will likely increase again tomorrow, since it is options expiry. The a/d ratio closed at .22:1 with a TRIN of 270. ...read more
Minuette (ii) is complete, with wave ii having formed a double top. Minuette (iii) is now underway. A/D ratio is currently .18:1 with a TRIN of 170. This decline is the beginning of a significant drop in prices. ...read more
We are currently in wave c of the zigzag for Minuette (ii). This leg should advance to the 61.8% retracement of 1106. ...read more
