Most of the time the S&P 500 index (SPX) provides the clearest Elliott Wave patterns for US stock. For the most recent activity (SPX500) has the clearest intraday patterns. SPX500 is similar to an S&P 500 continuous futures contract showing activity in the overnight session.
The decline from the most recent top was a five-wave pattern followed by a three-wave rally which implies the next move could be down, which has happened. The 30-minute MACD has a bearish crossover.
The daily Elliott pattern is unclear making it more difficult to determine where the next significant bottom could be made.
Sentiment and momentum evidence continues to be bullish for US stocks and the seasonal bearish season is nearly complete.
If there's a near-term decline use it as an opportunity to accumulate long positions on US stocks.
Mark
The decline from the most recent top was a five-wave pattern followed by a three-wave rally which implies the next move could be down, which has happened. The 30-minute MACD has a bearish crossover.
The daily Elliott pattern is unclear making it more difficult to determine where the next significant bottom could be made.
Sentiment and momentum evidence continues to be bullish for US stocks and the seasonal bearish season is nearly complete.
If there's a near-term decline use it as an opportunity to accumulate long positions on US stocks.
Mark
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