Last week, equities extended marginally higher but the big picture wave count only shows 3 waves up from the August lows. While the benchmark SPX and DJIA have pushed to new ATH's, the Nasdaq and Russell 2000 have not. This inter-market divergence is notable. Impulsive rallies don't end in 3 waves so bulls either need […]

Last week, equities extended higher as expected following the Fed's 50bp cut with the SPX and DJIA impulsing to new ATH's. This latest rally is clearly impulsive but the question remains whether it is an ending wave (c) of B rally as part of a larger degree corrective wave (4) or just part of a […]

Last week, equities rallied strongly following a corrective decline as the SPX and DJIA pushed back towards new ATH's. While we had been looking for a deeper correction within the bull market trend, the strength of the rally opens the door to an immediate wave 3 rally to new ATH's (bull case). The key test […]

Last week, the equity market rally failed to extend higher in 5 waves and instead reversed sharply lower breaking near term support. Given the corrective nature of the decline from ATH's, we continue to see this decline as part of a larger degree wave (4) correction. The question is whether the decline is a 4th […]

The equity bull market remains intact as the series of impulsive rallies and corrective declines continues. Last week's decline in the benchmark SPX / ES into 50 day sma support appears corrective as we look for an extension higher in wave (v) of 5 to new ATH's. There is no evidence of a tradable top […]