Tracking The Ticks
By Bennett Tindle November 11, 2020
The S&P 500 opened lower this morning, ultimately consolidating for a majority of the session. Surprising? Not really considering we’ve rallied over 10% from the Oct 30th lows & completed a textbook 5-wave advance. Although we do expect additional downside consolidation, we are watching this correction to ultimately resolve higher.
Believe it or not, the S&P 500, Dow Jones Industrial as well as the Russell 2000 has, from a technical perspective been in correction since January of 2018! At this point the only major US market index NOT in correction is the Nasdaq. Could this consolidation lead to a breakout which finally departs us from this multi-year consolidation effort?! We think so.
Tune in as I walk you though the expanding corrective pattern at work in the S&P, as well as review the overall Elliott Wave structure. And as always, don’t forget to join us weekly for our TA Live! Wednesday LiveStream show which we host on Todd Gordon’s YouTube channel every Wednesday at 8:45 AM EST.