The Quiet Before the Storm?

During the prior three trading days the three main US stock indices slowly climbed higher and have remained below their all-time highs.  Most likely this is  the first rally within a developing bear market.  The trigger for the next stock market drop could come from the Bitcoin market. The daily Bitcoin in US dollars (BTCUSD)Continue reading “The Quiet Before the Storm?”

Entering the Bearish Season

The US stock market is seasonally bullish from November into late April/early May. From 2009 to 2020 the S&P 500 (SPX) recorded five intermediate peaks in the late April/early May time zone.  The SPX 2021 high was on 05/07/21. The  Dow Jones Industrial Average  peak was 05/10/21. The subsequent smooth and steady decline appears toContinue reading “Entering the Bearish Season”

Clear Bearish Elliott Wave Pattern

The 05/12/21 blog “The First Downside Target For US Stocks” noted that the S&P 500 (SPX) decline from the 05/07/21 peak appeared to be an Elliott five-wave impulse pattern. The rally on 05/13/21 confirmed the impulse wave was complete. The 30-minute SPX chart courtesy of Trading View illustrates the intraday action. The 30-minute SPX chartContinue reading “Clear Bearish Elliott Wave Pattern”

S and P 500 – Detailed Elliott Wave Count 05-11-21

The 05/07/21 post  “The Bull Strikes Back” noted .  “If on 05/10/21 the bulls can’t push over 4238.04 watch S&P 500 (SPX) 4167.76. A  break below that short-term support made at 11:44 AM – ET 05/07/21 could have huge implications for market direction.”   The 4167.76 bottom was on 05/06/21 not 05/07/21 sorry for theContinue reading “S and P 500 – Detailed Elliott Wave Count 05-11-21”

S&P 500 Alternate Elliott Wave Count 04-17-21

The daily S&P 500 (SPX) chart courtesy of Trading View illustrates an alternate wave count. My 04/11/21 blog “Target of Opportunity” illustrated an SPX  Elliott wave count from 03/23/20 to 04/09/21 ending at a supposed Intermediate wave (3).  This count is still valid however seasonal factors make this count less likely. “Sell in May andContinue reading “S&P 500 Alternate Elliott Wave Count 04-17-21”

The Most Reliable Elliott Wave Pattern

If you were to take a poll of Elliott Wave practitioners of what they thought was the most reliable Elliott pattern they would probably say Ending Diagonal Triangle (EDT). Because of their configuration and location within a larger Elliott wave pattern, EDT’s present an excellent risk/reward trading opportunity.  EDTs occur primarily in the fifth waveContinue reading “The Most Reliable Elliott Wave Pattern”