Weekend Reading – Elliott Wave Update

Another weekend update from Tony at the Elliot Wave Lives On. Medium and short term trends are to the downside, which dovetails with the market being in a correction per IBD. Keep your powder dry until you see clear signs of institutional buying!

the ELLIOTT WAVE lives on

REVIEW

Another wild week volatile week that started off quite choppy to the downside. Then ended with a strong rally to the upside. After closing last week at SPX 1783, the market dropped to 1738 by Wednesday morning. Next it rallied, over the next two days, to end the week at SPX 1797. For the week the SPX/DOW were +0.7%, the NDX/NAZ were +0.8%, and the DJ World index gained 0.7%. Economic reports for the week were slightly to the downside: 7 to 6. On the uptick: construction spending, ISM services, monthly payrolls, consumer credit, plus both the unemployment rate and weekly jobless claims improved. On the downtick: ISM manufacturing, monthly auto sales, factory orders, the ADP index, the WLEI, the monetary base, and the trade deficit worsened. Next week we get a look at Industrial production and Retail sales.

LONG TERM: bull market

We continue to count this bull market as Cycle wave [1] of Super…

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