First some clarification about the prior two blogs. In the “Three Possible Elliott Wave Count” post there were only two charts shown. The first chart illustrated two of the possible wave counts – the potential end of the Double Zigzag count and a possible continuation of the Double Zigzag. The second chart examined the possibleContinue reading ” Nasdaq Composite – Detailed Elliott Wave Count”
Author Archives: Mark Rivest
Are Stock Bulls in Control?
Today’s 10/07/21 powerful opening rally of US stocks added evidence that the decline from early September is probably a correction within an ongoing bull market. The big question – is the S&P 500 (SPX) 10/04/21 bottom the end of the correction? What happened during today’s trading session puts doubt in the case that a newContinue reading ” Are Stock Bulls in Control?”
Three Possible Elliott Wave Counts
The US stock market decline since early September continues struggle its way down. The 60-minute S&P 500 (SPX) chart courtesy of Trading View illustrates two possible Elliott wave counts. The 10/02/21 blog “Struggling to Go Lower – Part Two” noted that an Elliott wave Double Zigzag down was perhaps under development. The count shown inContinue reading “Three Possible Elliott Wave Counts”
Struggling to Go Lower – Part Three
The 09/23/21 blog “NYSE – New 52 – Week Lows” noted that the S&P 500 (SPX) 09/20/21 decline low had a bullish divergence of NYSE – New – 52 Week Lows ($NYLOW) vs. the SPX 08/19/21 bottom. The daily $NYLOW chart courtesy of StockCharts.com updates this internal momentum indicator. On 10/01/21 the SPX went belowContinue reading “Struggling to Go Lower – Part Three”
Struggling to Go Lower – Part Two
The 09/22/21 blog “One More Decline Likely” illustrated that the prime Elliott wave count had the S&P 500 (SPX) in a bearish series of “One’s” and “Two’s” down from the 09/02/21 top. This is still a valid wave count; however, evidence is emerging that suggest the drop from the all-time high could be only aContinue reading “Struggling to Go Lower – Part Two”
Struggling to Go Lower
Since the S&P 500 (SPX) all-time high on 09/02/21 the decline has been slow. In nearly a month the SPX has only fallen about 5.5%. Today 10/01/21 the SPX broke below the important 09/20/21 bottom. The break came early in the session, and it appeared the trend for the rest of the session could beContinue reading “Struggling to Go Lower”
Possible Support Zone – Part Three
A very effective method to discover support/resistance is by using Point and Figure charts. A Point-and-Figure (P&F) chart plots price movements for stocks, bonds, commodities, or futures without taking into consideration the passage of time. P&F charts utilize columns consisting of stacked X’s or O’s, each of which represents a set amount of price movement.Continue reading “Possible Support Zone – Part Three”
Possible Support Zone – Part Two
Today 09/28/21 the broad and deep decline in US stocks provided additional evidence that the next down wave could be underway. The daily S&P 500 (SPX) courtesy of Trading View illustrates the action. The daily RSI + MA had a bearish crossover following the daily Stochastic bearish crossover on 09/27/21. A Fibonacci extension from theContinue reading “Possible Support Zone – Part Two”
Possible Support Zone
As of today 09/27/21, the Elliott wave count for the S&P 500 (SPX) is unclear and there’s a possibility a correction bottom was made on 09/20/21. If the decline is still underway its possible that within the next few weeks, the SPX could come down to the area of the May 2021 minor correction. TheContinue reading “Possible Support Zone”
NYSE – New 52 – Week Lows
The prior blog noted bullish divergences for New 52 – week lows and Advance/Decline line at the SPX 09/20/21 bottom. The daily NYSE – New 52 – week lows ($NYLOW) courtesy of Stockcharts.com illustrates this internal stock market indicator. Today 09/23/21 the S&P 500 (SPX) briefly moved above a .618 retracement of the decline fromContinue reading “NYSE – New 52 – Week Lows”
Four Dimension Trading 