Equity market strength continued last week and the 5th wave rally appears incomplete. Meanwhile, the European indices continue to lag significantly and the rise looks corrective in nature. Ideally we need to see a couple more 4th and 5th waves unwind higher on the SPX while the DJIA would look better with new ATH's. The […]

My weekend update caught me zigging when I should have zagged. In the end the market stated it's intention and continued to push higher in what appears to be a nested 3rd wave towards new ATH's. "A close above gap resistance would likely lead to new ATH’s" - that seems to be where we're heading. I […]

I don't often trade Nat Gas but I can't resist the r/r on a long around 3.765 targeting "at least" 4.02 to the upside with risk limited to new lows below 3.727. The structure of the recent decline is a clear 3 waves reaching equality where c = a. Nat Gas found strong support at the […]

The equity outlook just got a whole lot more complicated. On Friday, the SPX reversed from the 1965-70 gap resistance I highlighted Thursday night (HOD 1964.04) and overlapped the potential wave (i) high (1944.9) on the sharp decline. This has Elliott Wave implications. We either have a complete 3 wave corrective structure terminating at the 1964 […]

SPX has met my secondary target of 1956-58 which is 0.618 retracement of the impulsive decline and 50 sma. The structure and momentum of this advance from 1928 "looks" like a (c) wave (green count) rather than a 3rd wave unless it accelerates markedly from here. Strong trade above this area will focus on the […]