The market did nothing today so price action tells us nothing new. But volume tells a lot since today was one of the lightest volume days I've seen since the holidays at only 815 million shares traded on the NYSE. The market's uptrend is still intact, but enthusiasm and momentum for the rally has waned significantly the past week or so. The upcoming decline should be sharp and deep.
I'm not sure that the upcoming top is that of Primary wave ((2)), but even if it's not, a correction to around the 1180 level (prior 4th wave) is still very likely. Either way, waiting to get short seems to be the best play here in my opinion........as painfully boring as it may be.
Learn Elliott Wave Principle
The euro continued falling to fresh lows last night and the bearish count and outlook remain on track. I'm unsure as to the very short term wave count so I'm not including it. But right now I see no reason to abandon the bearish stance.
On the Docket: The Case Against Diversification
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.