Trading of U.S. stocks on 10/17/24 was almost the opposite of what happened on 10/15/24. Today 10/17/24 the Russell 2000 (RUT) ended the session down while the Dow Jones Industrial Average (DJI), and Nasdaq Composite (IXIC) ended up on the day. S&P 500 (SPX) was marginally down.
On 10/15/24 the RUT was up on the day while all three main U.S. stock indices ended their sessions down.
The one – hour RUT chart courtesy of Trading View shows its Intraday Elliott wave count.
This websites prior blog noted
“ If RUT continues to rally and does not close the session below the rising trendline it could put the EDT pattern in doubt.”
Just after the start of the 10/17/24 session RUT declined and ended the session below the rising trendline. This action increases the chances that the Elliott wave – Ending Diagonal is complete. If so RUT could be in the early part of a sharp decline to the area of the 08/05/24 bottom.
On the Bullish side of the coin. DJI and SPX made new all-time highs invalidating a bearish “Rule of the majority” signal made on 10/15/24 when only the DJI made a new all-time high.
The invalidation of this signal is in the short-term bullish and implies at least one of the three main U.S. stock indices could soon make another new all-time high.
At the close of the 10/17/24 session the DJI was the closest to making a new high. Watch the action of DJI and SPX on 10/18/24, if only one of these indices makes a new all-time high it could be an important bearish signal.
Four Dimension Trading 