Big week for Earnings

Yes this is the week all of us have been waiting on EARNINGS!! With over 800 companies reporting this week it is critical to take a look at what the daily charts are telling us. We look at a basic Elliot wave setup and notice that our fall from the top in March was not just a correction it was a change in the current market cycle. The first wave was extremely aggressive wiping out gains from the swing low around December. The markets have rallied back aggressively but have stalled out around some key retracement areas. With the SPY being weighted heavily in the Fang's this could get really nasty for this aspiring market. This writer remains neutral as no-one wants to see a market crash or relive those limit down days however history tends to repeat it self. And like always comes from like according to our friend Mr Fibonacci. Always good to buy some protective puts in times like these we will see after next week