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Monday, September 14, 2020

Elliott Wave Update ~ 14 September 2020

We had a lot of short term options based on what futures would do. Today was a very solid internal day. Best day since the peak as far as that goes.  It would be surprising if the market collapsed from such a solid up day.  Yet the key pivot high is still in place. The market would have more work to do to take it out.  So despite the solid up day, we still have a lower high, for now at least. The Wilshire printed an open gap up today. At some point they aim to close it, question is of course when. 

On the hourly, deep oversold has been worked off. Higher RSI, yet lower highs so far.
 
Most bearish count.  The VIX has gone limp though. 
Semi-bullish wave [ii] flat or expanded flat variation. The theme for wave (c) of [ii] is wave i of (c) is likely to be the biggest. Today would be considered the kickoff day for wave (c) of [ii].
Everything is still moving together relatively speaking.
And of course, the "rally into the election" count.  This is the count if the market all-time high is not in place.




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