Mark Rivest

The Last Gasp for U.S. Stock Bulls?

On 05/16/23 the Nasdaq Composite(IXIC) momentum was bearish, and it appeared that an important top may have been made. Today the U.S. stock bulls blasted all three main stock indices higher. On the surface it looks like this could be the start of a sustained advance. An examination of the IXIC – Elliott wave patternContinue reading “The Last Gasp for U.S. Stock Bulls?”

Probable Nasdaq Top – 05/16/23

Today 05/16/23 the Nasdaq Composite (IXIC) was the only one of the three main U.S. Stock indices to exceed its 05/15/23 high. Throughout the day there were more Nasdaq stocks declining than advancing. The 15 – minute IXIC chart courtesy of Trading View updates the Elliott wave count. The Elliott wave – Ending Diagonal TriangleContinue reading “Probable Nasdaq Top – 05/16/23”

Keep Watching the Nasdaq Composite

The 05/14/23 blog noted the Nasdaq Composite (IXIC) could be forming an Elliott wave – Ending Diagonal Triangle from its 04/25/23 bottom. The 5- minute IXIC chart courtesy of Trading View updates the Elliott wave count. Ending Diagonal Triangles sub divide into five waves. Each of the five waves further sub divide into three waveContinue reading “Keep Watching the Nasdaq Composite”

Nasdaq Could be Near an Important Top

Recently the Nasdaq Composite (IXIC) has been making new post October 2022 rally highs unaccompanied by the S&P 500 and the Dow Jones Industrial Average. This by itself is evidence that the U.S. stock rally from the 10/13/22 bottom is losing strength. An examination of Nasdaq momentum indicators reveals its rally is weak and aContinue reading “Nasdaq Could be Near an Important Top”

Potential Level to Short the S&P 500

It’s possible the S&P 500 (SPX) made an important top on 05/01/23. This blog will explain why an SPX top could be in place and one level for shorting the SPX. The three factors imply an important SPX top could be in place. Time cycles. Alternate Elliott wave count. Rule of the majority signal. TimeContinue reading “Potential Level to Short the S&P 500”

UK 100 Rollover

The 03/13/23 blog “Major UK 100 Top is Probably in Place” noted “On 02/16/23 the UK 100 reached 8,047, this could be a major top!” The 04/02/23 blog “Britannia Rules the Elliott Waves” noted that after 02/16/23 “The decline was in a five- wave impulse which implies it’s the first wave down of a largerContinue reading “UK 100 Rollover”

Key S&P 500 – Support and Resistance

The 05/10/23- S&P 500 (SPX) trading session was wild and unusual. The 5 – minute SPX chart courtesy of Trading View illustrates the action. The monthly U.S. – CPI report was released at 8:30 AM – EDT and triggered a huge rally. Just before the SPX session began at 9:30 AM – EDT, the S&PContinue reading “Key S&P 500 – Support and Resistance”

Crude Oil Update – 05/05/23

The 04/16/23 blog “Crude Oil Elliott Wave Pattern – 04/14/23” illustrated that a Primary degree bottom for Crude Oil was probably made at the 03/20/23 bottom. About one week after that bottom Saudi Arabia announced an Oil production cut which pushed prices even higher. The 04/16/23 blog noted “The current rally and potential rally laterContinue reading “Crude Oil Update – 05/05/23”

Expanding Flat Correction Complete – Part – Two

Additional evidence that an Elliott wave – Expanding Flat correction probably completed at the S&P 500 (SPX) 05/04/23 bottom. The chart illustrates a textbook Elliott wave – Expanding Flat. The pattern when correcting bull moves is composed of three – waves down, three waves up, and five waves down. The SPX – 15-minute chartContinue reading “Expanding Flat Correction Complete – Part – Two”

Expanding Flat Correction Complete – 05/04/23

The 05/03/23 blog “Wild Oscillations” noted that the Fibonacci Inverse ratio of 1.145 was a characteristic of an Elliott wave – Expanding Flat or a Running Horizontal Triangle. Today 05/04/23 the S&P 500 (SPX) completed what appears to be an Expanding Flat. The SPX – 30 – minute chart courtesy of Trading View illustrates theContinue reading “Expanding Flat Correction Complete – 05/04/23”