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Tuesday, January 19, 2016

Elliott Wave Update ~ 19 January 2016

Market managed to close positive but market internals were decidedly negative as of the NYSE.
Downside target of the broken head and shoulder pattern is shown. How many gyrations to get there? Everyone seems to be in 100% agreement the market is oversold short term but yet it hasn't rebounded like it "should" at least not yet. It may yet tomorrow for all we know.  This morning futures was up around 45 points off its low yet that didn't yield much at the end of the day. I can only say that the wave count is in wave 3 down and that is the strongest wave in an EW count and we that is what we go with.

But a backtest of the broken neckline would not be out of the question, yet certainly not required. Hang on either way.

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