My charts said that we completed a major uptrend on the NYSE Composite on Monday (11/24). That uptrend started back near October 14th when my last major downtrend ended. Some of you might remember when the Dow went down -460 points in one day.
That was the bottom for my last downtrend and for all the common indexes, like the S&P 500, NASDAQ, Dow, Russell 2000, and the NYSE Composite. Now with the completion of this recent uptrend for the NYSE Composite, I believe the rest of the common indexes could follow the NYSE Composite, back to the downside.
The answer could come as soon as tomorrow (Monday - 12/08). That's when my charts say I will start another Elliott Wave-3 down. You can read all about Elliott Wave on the internet. I use Elliott Wave in a very basic way, along with many other technical charts and indicators.
All my efforts are on what the market going to do next. That includes daily, weekly and monthly trends. If you use Elliott Wave correctly, it can actually tell you what the stock market is going to do next.
How did I arrive at tomorrow being a another short term down trend? It starts back to that NYSE Composite uptrend completion. After that uptrend completion, we then went down and completed our first Elliott Wave-1 on Monday (12/01). Then we started a counter trend rally, Elliott Wave-2 up. That wave-2 up completed last Friday and now tomorrow (Monday - 12/08) we should start a new Elliott Wave-3 down.
This new Elliott Wave-3 down could take 3 days to complete, that is based on how long the last Elliott Wave-1 took.
So lets see if I am correct about my latest predication and if correct, then that will confirm my current analysis. Remember it could just start on Monday and then get more serious down on Tuesday (12/09) and Wednesday (12/10).
Finally, maybe my recent uptrend completion was also the end to our current bull market. It's possible, because the NYSE Composite had its "Death Cross" (50 dma crosses over the 200 dma) back near November 20th.
- English (UK)
- English (India)
- English (Canada)
- English (Australia)
- English (South Africa)
- English (Philippines)
- English (Nigeria)
- Deutsch
- Español (España)
- Español (México)
- Français
- Italiano
- Nederlands
- Português (Portugal)
- Polski
- Português (Brasil)
- Русский
- Türkçe
- العربية
- Ελληνικά
- Svenska
- Suomi
- עברית
- 日本語
- 한국어
- 简体中文
- 繁體中文
- Bahasa Indonesia
- Bahasa Melayu
- ไทย
- Tiếng Việt
- हिंदी
Stock Market: Look For Stronger Downward Momentum
Published 12/08/2014, 02:57 AM
Updated 07/09/2023, 06:31 AM
Stock Market: Look For Stronger Downward Momentum
Latest comments
Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.