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Outside the Box: A rally in the U.S. stock market is becoming less likely, according to Elliott Wave theory

When I say the U.S. stock market is treacherous, I am not using that word lightly.

The market still seems to be setting up for a drop to the 2,100/2,200-point region in the S&P 500 Index SPX, -1.94% as we look toward 2019, but the specific path is not always easy to discern within a 4th wave correction in Elliott Wave theory.

Even before the market broke support, I have been warning that once this 3rd wave off the 2009 lows ended, there would likely be a 30% correction. Moreover, I warned in late September that should we break below 2,880, it would open the door to the market having topped, with the potential for the initial drop pointing down to the 2,600 region.

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