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Saturday, November 4, 2017

Saturday, 11/4/17 update

4th & 5th wave unwinds have been in progress, market is moving towards a top but not there yet.  The bull is still stampeding, but it does show signs of getting tired.

Short term chart:


Intermediate term chart:


In the last couple of weeks the ES/SPX has rallied while the broader market has been essentially flat.  That's a sign of an approaching top - fewer and fewer stocks are seen as having upside potential.  The divergence is obvious in the below comparison of the SPX to the NYA.  The same divergence is apparent in the RUT.

NOTE: dotted lines show potential EW structures and are not necessarily accurate price/time forecasts   

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