Ewj: elliott wave

Lots of oversold stocks out there ( and sectors ). Take a look at the defense sector.
LMT, LLL, GD, NOC, etc.

These things could run a bit here.
 
Bears will be hoping for a double top on a 38.2% as the odds of a sell off are like hearing thunder after a lightling bolt.

Best pattern for the bulls would be a lesser move back down to the 701 area which is a 1:1 into a 50% (abc) a classic (b) wave ratio for a move back up later on...
 
BEIGE BOOK RELEASED at 2PM
Provided a "dip" and then yet another surge.

Another small A-B-C completed at 72.02 SPY?
Took the earlier highs out by .07 and then came off.
 
Quote from Mup Bears will be hoping for a double top on a 38.2% as the odds of a sell off are like hearing thunder after a lightling bolt.
More...


Why will the bears want a DT on a 38.2% ?

This is why 30min ES :)
 

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Bears keep looking for today's rally to fail, but every time there is a pullback, it is met with buying and more short-covering . . . pushing this market into higher ground.
 
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