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Was that all she wrote? Market Analysis Following Recent Rally

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Finance News

Market Analysis,Price Patterns,Elliott Wave Principle

This article examines the recent rally in the market following a low point in September. It analyzes various factors such as price patterns, trends, Elliott Wave Principle (EWP) counts, and technical indicators to determine if the current upward movement is sustainable.

“contingent on holding above last week’s low, we should allow the index to rally to ideally $19350+/-125.”

First, the rally from the September low decided to subdivide, and we have adjusted the EWP accordingly. Remember, all we can do is “anticipate, monitor, and adjust” when forecasting the markets, which are complex systems. Regardless, the index never broke below any of our warning levels for the Bulls, which we adjust daily for our premium members to keep them on the right side of the market for as long as possible. Thus, we stayed the course.

Lastly, all the technical indicators are still positive. The daily RSI5 is >70. The MACD points higher and had a buy cross in early September, whereas the money flow is also positive.

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 /  🏆 450. in MY
 

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