As can be seen on the above charts of the S&P 500, DJI, FTSE 100 and the DAX the time for a top is just right and so is the form, which is more important.
What excuse will we finde in the news for the possible sell-off later today or tomorrow?
Maybe just maybe the FOMC will be more explicit on the "Exit strategies" at todays meeting, being the excuse to sell of stocks.
Did you notice how the high for the June E-mini S&P's was the exact level of 1165.50 you reference in the chart above. I was wondering what your thoughts were based on today's price action. Do you think the failure of the market to break through that 1165.50 and pull back after this failure could be indicative that we've reached a temporary top and an area for the correction to begin? Thank you for your work. Regards, Joe
ReplyDeleteHi Joe,
ReplyDeleteYes I did notice the E-mini stopped at 1,165.50, with that in mind I do think that a Elliott Wave Principle rule shouldn't be broken, just to make the picture fit...
Therefore I have to declare my Expanding Diagonal "dead". That doesn't mean that the rally have to continue from here. The form for a top is right! The time is right! We might be of by a day or even two off the ideal timing, but I do feel we are close to at top here.