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The Nasdaq Composite (IXIC) has the clearest wave count and appears to have completed a five wave pattern from the high at 5311 to the low at 5112. If the pattern is complete there will probably be a counter trend rally to the 5188 to 5200 area. 5188 = .382 of the move from 5311 to 5112. 5200 = .382 of the move from 5342 to 5112 There is...

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The Nasdaq 100 has been the strongest US stock index - so far it is the last index to hit a 2016 high. Yet even the strongest index is showing significant monthly bearish divergences. The monthly RSI has a triple bearish divergence vs. its November 2014 peak. The monthly MACD line and histogram also have significant bearish divergences. Seasonally September...

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The developing Elliott wave Horizontal Triangle from SPX 2175.30 appears to be nearing completion. The decline from 2154.80 - labeled "C" was very choppy and looks like a corrective wave. This decline also failed to break below important support at 2114.70. These to factors indicate that the drop from 2154.80 to 2119.40 is probably wave "D" of the Horizontal...

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The SPX Elliott wave Horizontal Triangle that began in late September appears to be nearing completion. Wave "E" could be complete on 10/26 or 10/27. Price target zone is SPX 2148 - 2152. After completion of the Horizontal Triangle the SPX could decline to the 1800 area by early November. Mark

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The SPX could complete wave "C" of a developing Elliott wave Horizontal triangle on 10/25/16. Wave "c" of "C" appears to be forming an Ending Diagonal Triangle. Resistance could come at the convergence of the rising and falling trend lines. Also today 10/24/16 the NDX made an all-time high that was unconfirmed by every US main and secondary stock index. It was...

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My last post "Updated SPX Shorting Targets" noted upside targets in the SPX 2153 and 2163 areas. While these targets are still valid there could be another course the SPX is taking. The SPX from the top made on 9/30/16 could be forming an Elliott nine wave Horizontal Triangle. If the count I have illustrated in this post is correct, then the top made on 10/21/16...

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My last post noted a potential shorting target in the SPX 2150 area. Today 10/20/16 the SPX declined and looks as if it is forming an Elliott wave Horizontal Triangle. If its complete at 2138.70 this would be the starting point for a post triangle trust up. Usually the thrust is equal to the widest part of the triangle which in this case is 24.60 adding this to...

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Illustrated is an alternate Elliott wave count with an impulse wave from 2175.30 to 2114.70. If this count is correct an A-B-C counter trend move could be nearing completion on 10/20/16 near SPX 2150. Mark

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For several weeks stocks have been chopping up and down, this could be about to end very soon. Today 10/18/16 the Nasdaq close was only 1.8% below its 2016 high yet only 41 Nasdaq stocks made new 52 week highs. In early September the Nasdaq recorded 240 stocks making new 52 weeks highs. Internal market breath has collapsed at the same time the Nasdaq appears to...

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The choppy action in the stock market could be coming to an end very soon. My prior posts have noted the SPX primary count from the 2/11/16 bottom is a truncated Ending Diagonal Triangle which counts as complete at the 9/22/16 peak. This is a super bearish wave count. Subsequent to the 9/22/16 top at 2180, the SPX has been declining in what looks like a series...

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In my last SPX post an Elliott wave Running Flat was illustrated as the completion to a counter trend rally. The bulls had a little life left in them to move up and invalidate that wave count, the larger developing bearish wave count has not been invalidated. Many Elliotticians will use single Zigzags as the sub waves for corrective patterns. Sometimes a market...

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This is an update to my post last month on the DJTA. The DJTA needed to move above 8149 to confirm a Double Zigzag pattern up from the January 2016 bottom. This confirmation was made on 10/4/16 and came close to .618 resistance. This implies a move down at least back to the January bottom has begun. Mark

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Today 10/5/16 the SPX may have completed a Running Flat labeled as wave (II). In an Expanding Flat wave "C" exceeds the termination point of wave "A". In Running Flats wave "C" fails to exceed the termination point of wave "A". This pattern is rare and very bearish, it implies a very sharp decline in the SPX is imminent. Mark

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My last post noted an SPX shorting opportunity after the open on 10/4/16. The target zone of 2164 - 2166 was hit just after the open and 20 minutes later turned down. The SPX reached 2144 then had a late day rally. Early on 10/5/16 there could a decline to near term support at 2140- 2142. Note that the hourly Stochastic is near oversold. If a near term bottom...

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The SPX from the early low on 10/3/16 appears to be forming an Elliott wave Expanding Flat correction. Wave "c" of this pattern looks like a developing Ending Diagonal Triangle. A 50% retrace of the decline from 2175.30 to 2154.80 targets 2165.05 Wave "a" of the Expanding Flat was 7.00 points x 1.382 = 9.70 + 2154.80 = 2164.50 Broader range is SPX 2164.00 to...

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My previous posts have noted that an Elliott wave Ending Diagonal Triangle (EDT) may have been forming since the 2/11/16 bottom. This EDT counts as complete as of the 9/22/16 peak at 2180. Truncated 5th waves are when wave "5" fails to exceed the termination point of wave "3" EDT's in a rising market are the most bearish Elliott wave pattern. They are...

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This is a follow up to my USO post. It now appears that the Elliott Wave Horizontal Triangle is complete. If so starting on 10/3/16 a post triangle thrust down to $26 on the weekly nearest continuing chart should begin. In a Horizontal Triangle each of the five sub waves must subdivide into three wave patterns or a variation of a three wave pattern. In this...

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My last post noted the SPX appeared to be forming a five wave pattern up from the 2141 bottom and that wave "3" of the structure was still under construction. On 9/29/16 this third wave up was completed and the subsequent decline went below the supposed wave "2" bottom. The structure from SPX 2141- 2172 counts as an A-B-C. The subsequent rally so far counts as...