Dow Jones Industrial Average: -203.00 or 2.09% at 9509.28
S&P 500 Index: -27.23 or 2.58% at 1029.85
NASDAQ Composite Index: -64.94 or 3.06% at 2057.48
NYSE Internals: 504 Advance. 2526 Decline.
As I said yesterday, the fate of the market depends on these next couple of days. I also said that if we break 1039 to the downside, this rally is over and we are starting what could potentially be another downtrend like what we saw last year and early this year. At least a test of the March lows, but most likely a break.
I'm going to throw out my alternate count and stick with my bearish count for now, since that seems to be working.
The wave count on the sub-minuette scale are a bit complex. But regardless, looks like we are in a minute wave 3. This may take us down to at least 1000 on the SPX. We may get a small little bounce in the morning tomorrow before selling off, but that will really depend on the Unemployment numbers. Regardless, I strongly believe the trend is now down again.
US Dollar was strong today. Crude oil was down, Gold was down. Tech and Financials were leading the downside. VIX was also up over 10%
2 comments:
Rish, Thanks for the good work but you scare me a bit as our thoughts are very alike .. You scare me of my blind side, I am afraid yours might turn out like mine too :)
I think most bears are scared of being wrong again. They have suffered a lot in this rally, similar to how the bulls suffered last year. But if Elliot Wave is truly real, then we should be starting a downtrend soon. We have retraced enough price and time wise, more than what was required.
I'm not saying we can't go higher from here, but the probability points to the down side.
Thanks for the comment! :)
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