Mark Rivest

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”

One More Decline Likely

The prime Elliott wave count for the S&P 500 (SPX) is a series on “one’s” and “two’s” down based upon the long-term bearish evidence which has been noted on this website during the last few months. The alternate Elliott wave count is a developing Double Zigzag correction within a possible ongoing bull market since MarchContinue reading “One More Decline Likely”

Very Important Support Broken!

Since the bull market began on 03/23/20 every S&P 500 (SPX) a multi-day correction bottom has held. The simple definition of a bull market is a series of higher highs and higher lows. Today 09/20/21 that has changed – the SPX has broken below the last multi-day correction bottom made on 08/19/21. The daily SPXContinue reading “Very Important Support Broken!”