Dow Jones Industrial Average: -17.53 or 0.18% at 9771.91
S&P 500 Index: +2.53 or 0.24% at 1045.41
NASDAQ Composite Index: +8.12 or 0.40% at 2057.32
NYSE Internals: 1850 Advance. 1181 Decline.
Like I stated yesterday, the waves from the low need to look choppy in order for us to maintain the bearish count. So far the waves are very choppy. Choppier than I thought they would be. The A/D ratio is also relatively flat.
I had my chart labeled for us to start wave [3] of a of [ii], which should have taken us to 1050. But instead, we got a mostly sideways day instead. Looks like a diagonal corrective pattern.
Now the key question is, does this diagonal pattern complete ALL of wave 2, or just the first leg of wave 2. If we go down tomorrow in more sideways choppy action, good chances are that we continue higher later in the week. If we impulse down tomorrow, wave 2 has probably ended.
The primary count does call for a small little pullback tomorrow, before continuing higher towards 1050+ It will be interesting to see how the market reacts to the Fed Minutes tomorrow. That could be an event that could trigger a big up or down move.
Very strange day today. US Dollar, Crude Oil, Gold and SPX were all up. VIX was down over 3% again. Energy and Industrials led to the upside today.
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