White box hit as we reach the top. What's next? NDX seems to want to crawl more.
DAX 30 CFD (4H) / Two Elliott Wave Counts
AMZN (2H) / Primary Elliott Wave Count
SMH (2H) / Three Elliott Wave Counts
Yesterday's bullishness in the DAX & Nikkei has drastically increased the probability of the green count in SPX. We can see a RSI 2H bearish divergence in SPX (not the case for the DAX which is making higher highs, confirming a W3 in play). Usually, the S&P 500 leads other indices. The red count displays a double top. The orange count shows an impulse with an...
The green count is more credible, by far.
TLT (2H) / Primary Elliott Wave Count
Very important: the DAX has officially invalidated the bearish count. Within an impulse, W3 can never be the shortest wave which means the orange count below has been invalidated too. Once we decisively break 12499.5, there will be no doubt that we are in a W3. The higher high on the RSI is already suggesting that. US indices might be mooning in the next...
Green box: 30.60-31.31 Hourly bullish divergence so a front run is possible (notice the horizontal support at 31.79). Gold prices have more to correct it seems, though.
Something to watch in GOOG. C of flat 4 coming?
Wedge in NDX comes from AAPL, seemingly.
Fib resistance (0.5 pulled from subminuette II to the bottom) and bearish divergence. Notice the low volume node indicating we can wick up to the GZ at around $38, in this current instrument (see white arrow).
If this final green structure is an ending diagonal, we are going to dump from this white zone. The market is clearly trying to make an all-time high.
Still climbing/crawling. 4H bearish divergence on the RSI.
We're convinced that the DAX is the most readable and interesting Elliott wave count among the indices. We are making a second "weird" impulse (with W3<W1) which could be the C of an upward ZZ, in red. The first leg found its top at the 0.382 extension of 0-3 off the 4. We could repeat the exact pattern and top in this green box as shown on the chart below. Why...
Strong rejection, as expected. The weekly candle now looks bearish but 5 days remain before it closes. This is what softwares have been planning: sell here and take profit below $1600... Like humans, algos can be stopped out so this scenario may never materialize. Chart in log scale. Fibs in arithmetic mode.
PAAS (2H) / Primary Elliott Wave Count