Squiggle counts are a little murky. The futures chart shows that the rebound so far has taken the "look" of a choppy overlapping affair which indicates a corrective wave upwards. Not yet 38% either.
Cash index SPX also shows a choppy upward wave so far which looks corrective at the moment. But it may not be finished. But there are too many variables and this is just a "gee whiz" chart. I don't really like the count. But it did fill the gap down from yesterday.
However if this is subwave (ii) of [iii], the retrace has not been very high at all It should ideally go higher. Today was a fairly strong day technically with 87% up volume ratio on the NYSE so I would think there should be some more rallying just based on that. The wave count would look better if prices went higher in a subwave (ii) of [iii]. There is that large gap down also.
CPCE: Not extreme yet.
Wow rates are taking a beating. Smashed through nearest resistance. Technically speaking, there is no reason why yields wouldn't eventually get to the next higher resistance. Things are getting interesting. However sentiment on bonds is getting extreme in the short term so nothing is ever a straight line.
Wave labeling color code as follows (note - [brackets] used in lieu of circles for convenience sake) :
Grand Supercycle - BLUE - [I] [II] [III] [IV] [V] - [a] [b] [c] Supercycle - GREEN - (I) (II) (III) (IV) (V) - (a) (b) (c) Cycle - PINK - I II III IV V - a b c Primary - BLACK -      - [A] [B] [C] Intermediate - RED - (1) (2) (3) (4) (5) - (A) (B) (C) Minor - BLUE - 1 2 3 4 5 - A B C Minute - GREEN - [i] [ii][iii] [iv] [v] - [a] [b] [c] Minuette - PINK - (i) (ii)(iii) (iv) (v) - (a) (b) (c) Subminuette - BLACK - i ii iii iv v - a b c Micro - RED -      - [A] [B] [C] Submicro - BLUE - (1) (2) (3) (4) (5) - (A) (B) (C) Miniscule - GREEN - 1 2 3 4 5 - A B C
The content on this site is provided as information only and should not be taken as investment advice. All site content, including advertisements, shall not be construed as a recommendation to buy or sell any security or financial instrument, or to participate in any particular trading or investment strategy. The ideas expressed on this site are solely the opinions of the author and are for entertainment purposes only. Any investment decision that results in losses or gains made based on any information on this site is not the responsibility of the author. The author may from time to time make statements about certain investment vehicles and strategies, but it is not to be taken as investment advice. Again, it is just the author expressing his opinion only.
I like to chart and I am an avid student of Elliott Wave Theory. I combine wave theory with standard technical analysis to track market movements and predict future movements.
Disclaimer: I do this for fun (although donations are encouraged!). Due diligence is required on your part as my charts have been known to steer in the wrong direction from time to time.
I am not responsible for any monetary losses that you may occur. Feel free to bookmark my site! I will try an answer questions, but time constraints sometimes do not allow me to get to everything. I do answer most all email so feel free to drop me a line, usually I reply at night (I have a day job) Thanks!
daneric40 - comcast - net (was recently changed from Verizon)