Back in March the NYSE Composite's wave 1 peak never was exceeded during formation of wave a of 2. The "alternation guideline" advises one expect the opposite more or less in every related aspect of wave formation. So, that's why the NYSE Composite's wave a of 4 might be expected to behave in opposition to wave a of 2. Likewise wave 4 versus wave 2 in their entirety should alternate. That's why wave 4's worst more likely might come sooner rather than later, as contrarily occurred during formation of wave 2.
Above presents a new variation to the Elliott wave count since September peak. All it does is extend out some days the market's levitation before succumbing to a bout of selling erasing much of the market's gains since early June. It is during this upcoming period we might expect the NYSE Composite Index to slightly exceed its September peak. Of course, this is just one possible path forward in formation of wave 4 of (c).
No need to change last night's conclusion. The several technical measures recently cited as supporting a negative near-term outlook remain no less foreboding and, as such, should serve to effectively cap any further market advance into what is thought significant overhead resistance.
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Analysis centers on the stock market's path of least resistance. Long-term, this drives a simple strategy for safely investing a 401(k) for maximum profit. Intermediate-term, investing with stock index tracking-ETFs (both their long and short varieties) is advanced. Short-term, stock index options occasionally offer extraordinary profit opportunities when the stock market is moving along its projected path.
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