Click on Chart to Enlarge
The chart above is the Russell 2000 etf, IWM hourly chart. If you compare it to the SPY or QQQ you will see the recent price rally has been weaker, not confirming new highs for the advance since June, and is overlapping suggesting a corrective move or a terminal impulse move, which is what I am suggesting the pattern may be from a traditional Elliott Wave perspective.
The MACD crossed down from above 0 yesterday at the end of the day. It may take another push to a higher level to cap this rally attempt, but I think we are set for a pullback soon. Options expirations tend to been relatively uneventful and have a smaller than average trading range, so don't expect too much today either way.
If the market does pullback, I will use that information to gauge whether it logically confirms a downward shift, or is consistent with a continuing advance.
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