Final Wave Up for US Stock Market?

The hourly S&P 500 (SPX) chart courtesy of Trading View illustrates the Elliott wave subdivisions since the Important 10/30/20 bottom. Note the significant bearish divergence on the hourly RSI, it implies at least a short-term peak could be in place as of the late 02/12/21 rally. If there’s more upside it could be brief, perhapsContinue reading “Final Wave Up for US Stock Market?”

S and P – 500 Prime and Alternate – Elliott Wave Counts – February 2021

Today February 12, 2021 the S&P 500 (SPX) may have completed five – Primary waves up from the major bottom made in March 2009. The daily SPX chart courtesy of Trading View illustrates the prime – Elliott wave count.                                   Today’s high came late in the trading session, in what appears to a thrustContinue reading “S and P – 500 Prime and Alternate – Elliott Wave Counts – February 2021”

Dow Jones Transportation Average – Major Top?

The Dow Jones Transportation Average (DJT) appears to have completed a five – wave  Elliott impulse pattern from its 03/23/20 bottom. The daily DJT chart courtesy of Trading View illustrates the movement. This is an update to the DJT chart shown in the 10/30/20 post “Dow Jones Transportation Average – An Important Bottom?”. That postContinue reading “Dow Jones Transportation Average – Major Top?”

US Stocks Downside Rollover

Today 01/27/21 the S&P 500 (SPX)  broke below chart support made on 01/25/21 and 01/15/21. This is the first time since the rally began on 10/30/20 that the SPX has broken two support levels – powerful evidence that at least a minor decline has begun. The  SPX chart courtesy of Trading View illustrates the dailyContinue reading “US Stocks Downside Rollover”

Consumer Staple Fund – XLP – Update

The 10/11/20 post “Clearest Elliott Wave Road Map” examined the Consumer Staple- Exchange Traded Fund (XLP) as a guide for timing the broader US stock market.  XLP continues to have a clear Elliott Wave count.  The decline since the November peak has been slow and shallow, which is the signature of a corrective pattern inContinue reading “Consumer Staple Fund – XLP – Update”

Top For US Stocks Could be in Place

The S&P 500 (SPX) appears to have completed an Elliott impulse wave up from the important 10/30/20 bottom at 3233.94.  If so, we could expect to see at least a retracement of the movement from 10/30/20 to 01/08/21. If this bull movement is a wave “one” the most likely retracement for wave “two” is aContinue reading “Top For US Stocks Could be in Place”

Long-Term Price and Time Targets

The following monthly Dow Jones Industrial Average (DJI) chart courtesy of Trading View  is an update to the monthly DJI chart illustrated in the 08/22/20 post “Forecast – Bull Market Termination Date – 2021” The time forecast is based upon the Fibonacci sequence which is ( 1, 1, 2, 3, 5, 8, 13, 21, 34,Continue reading “Long-Term Price and Time Targets”

Detailed Long-Term S&P 500 Elliott Wave Count

The S&P 500 (SPX) rally from the 03/23/20 bottom to 12/11/20 does not appear to be a developing Elliott five-wave Impulse pattern, nor does it appear to be an Elliott Wave – Ending Diagonal Triangle. The most likely current wave count is that an Elliott Wave – Horizontal Triangle may have formed  from 02/19/20 toContinue reading “Detailed Long-Term S&P 500 Elliott Wave Count”

Could Zoom Still Make a New All-Time High?

Recent posts about Zoom Video Communications Inc. (ZM) noted that because of ZM’s recent decline while the S&P 500 (SPX) rallied, increased the risk of buying ZM.  An abundance of evidence is needed to take a trading position and this stock still lacks enough evidence to make a long recommendation. ZM does continue to beContinue reading “Could Zoom Still Make a New All-Time High?”

Qualcomm in 2000 and Zoom in 2020

This is an educational post to explain stock market momentum. The 11/17/20 blog “Zoom Update – Part Two” noted that Zoom Video Communications Inc. (ZM) could be a signal for a looming bear market similar to Qualcomm Inc. (QCOM) in 2000. The daily QCOM and S&P 500 (SPX) chart courtesy of Trading View illustrates whatContinue reading “Qualcomm in 2000 and Zoom in 2020”