Elliott Wave Breakout in Stocks?
Stocks look like they have caught support after the huge sell off afflicting tech stocks in particular. Regardless of what this may look like in the near term, if you zoom out to view the S&P on a grander scale, back to June, you will see that this is but a healthy corrective wave in a 5-3 Elliott Wave beginning June 10 or so. We should expect stocks to bounce back really soon. There are multiple levels of support below, and a vacuum zone down to the psychologically and technically significant 3200 level if we are wrong. Be careful, because we could see another small selloff or volatility before another rally. It is doubtful stocks will break 3293, where they found support earlier. The Kovach OBV is picking up which means we could see some momentum today
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