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Tuesday, December 13, 2016

Elliott Wave Update 13 December 2016

Our ending diagonal count is out the window because wave 3 is the shortest. We did get a crisp trendline hit though.
Even the GDOW count is under risk of getting blown up.
6 month count.
3 month yield. My guess is the Fed will raise rates tomorrow 1/8 basis (.125) points based on the 3 month yield. That'll put their rate target range to .375 - .625. I would be surprised if they did more than that.
The market is due for a pullback at the least. As EWI pointed out the DJIA is the most overbought in 20 years on a daily basis using 14 day RSI.
Despite the historic runup, the NYSE did not experience any kind of Zweig Breadth Thrust event.

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