EOD:
Update 11:23am EST. We need to give an equal chance to the chart posted on 7/2/20 which may have completed the move in VXX but not necessarily in ES. Also note that the 3118 zone in ES could now be a wave 4 low target prior to wave 5 starting (see bottom chart).
Decaying breadth signals (NYAD) daily and weekly while new highs are printing usually resolves in a reversal in the market which is the case in the daily (and to a lesser extent in the weekly) since 6/16/20 using the NYAD MACD signal print.
Please note that wave numbers are not created using Elliott wave criteria but are convenient for our purposes. If wave d/4 has not completed, we will post an update as that becomes clearer. It is possible wave d/4 has not completed and we may see another day of declining breadth. That will help to create a negative signal line on the daily/weekly NYAD potentially just as wave e/5 strikes and cause a reversal in the market.
1918 Pandemic Did Not Tank The Market!
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Forget the 'news cycle'- we report on what is actually happening in the majority trading environment
..and possible bounces/bottoms: (2/28/20) , (3/23/20)
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