The Elliott Wave count, if correct, shows a correction should start any day now, since the Minor 5 wave needs to end before it exceeds the February high (3393).
Of course, the count could be wrong, which is why I don’t use just one signal. Downside risk is roughly 6%; that’s how far the S&P500 would need to fall before breaking the 50-day moving average and generating a sell signal in the other indicators.
More commentary after the jump... Stock Market Outlook - Week of August 09 2020
No comments:
Post a Comment