Ewj: elliott wave

UTIL leads the way DOWN. MACD cuts trigger line DOWN.
MACD of other indices are turning DOWN too.

 

Oops!!! :eek: .
Five SELL Signals: RSI, 200DMA, support trendline, m-neckline, MACD .
Two more are in store: M-neckline, 50DMA .
$BPNYA begins to change direction.

 

Next puzzle that Mr.Market will present to the BULLs&BEAR may be
"Head and Shoulders pattern" versus "reverse Head and Shoulders pattern" :eek: .

 

A dim but still vialble hope for the BULLs is a Bullish Fractal pattern .
A rebound from SPX 50DMA.

 

We are at a cross road, UPorDOWN .
A rebound from 50DMA to 200DMA will be the most problematic pattern,
something like a Morning Star :eek: .
Next "higher high or lower low" may be the answer .

 

The 5-waves DOWN is decisive :eek: .
A normal bearish count would expect a 3-waves rebound to below SPX 1090,
then a continuation to SPX 1040 .
A GAP UP from 1090 to 1115 will be a surprise .

 

"Head and Shoulders" versus "reverse Head and Shoulders" .

 

One more Head and Shoulders pattern :eek: .
50 DMA and "M" neckline are resistances.
200 DMA and "m" neckline will be next resistances.

 

Third right shoulder formed as an Evening Star.
There may be a lower low before a higher high.

 

Note 3 fractal patterns.
The BULLs have got their two BEAR Traps.
This time may be different .