Stocks Catching Support at Lows
The S&P has dipped again to make new relative lows at 3262. It has extended past our Elliott Wave at point C, which suggests that the corrective phase is not done yet. We are still in bull mode owing to the massive V-shaped recovery we did see after the Coronapocalypse.
This burst of bear momentum has formed an ABC wave which may be part of the overall correction. If this is the case, we can expect another burst of momentum back to the 3300 handle. The Kovach OBV is pretty flat at this point so the ranging should continue. We are at the lower bound of the range at this point, another fact that may work to stocks favor.
This burst of bear momentum has formed an ABC wave which may be part of the overall correction. If this is the case, we can expect another burst of momentum back to the 3300 handle. The Kovach OBV is pretty flat at this point so the ranging should continue. We are at the lower bound of the range at this point, another fact that may work to stocks favor.
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