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Tuesday, October 1, 2013

Elliott Wave Update ~ 1 October 2013

We don;t have a very good squiggle count and there does not seem to be a good impulsive down on anything.  New all time highs on the Russell 2000 and recovery high on the NASDAQ composite. The market is fractured at the moment as a result.

Its interesting that the banking index BKX seems to be leading the way lower.  It of course led the way lower in the 2007-2009 bear market.
It makes perfect sense to me that the market is rallying as everyone "expects" the market to do poorly as a result of the "news" (shutdown, etc.).  Often it will do the opposite.

Yet the market is wedging as a whole in perhaps a bearish rising wedge formation.

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