5 Up & 3 Down, Rinse & Repeat – Nasdaq, S&P, Crude Oil, DXY & US10yr Yield Elliott Wave Update.
By Bennett Tindle October 20, 2021
Hey there Traders and Investors, Bennett here checking in with another Elliott Wave market update! I hope you have all been doing well. Following the major indices top in September, we witnessed the indexes correct in what we view to be another garden variety, 3-wave pullback. This has been the common theme in 2021, with multiple near monthly corrective moves to the downside. Every single one of them has presented a buying opportunity, a trend that must be respected until we see a shift in the underlying collective sentiment. The markets have faced various headwinds along the way, from supply chain and labor market issues to inflation and how that could impact the upcoming Fed tapering move. We’ll continue to take our signs from the hard-right-edge of the charts, squelching the noise and focusing on what markets are really doing, as opposed to what the media expects them to do.
So, join me as we cover the indexes, as well as the breakout at work in treasury yields and crude oil. Speaking of crude oil, we just recently retraced 3-waves lower reclaiming support over a near decade long downtrend resistance line! That is a significant technical break and should allow for continuation into our $90+ upside targets. That is all for me, thank you again for tuning in and I will see you on the next update! -B.
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