schreef:
Stocks are down about one percent Mid-day Tuesday, September 7th. The decline is tracking our short-term Elliott Wave labeling shown over the weekend. The top labeling considers that stocks have started wave {b} down Tuesday. The wave 2 rally should complete late this week or early next as we have another phi mate turn date approaching September 10th/11th. There is also a Bradley model turn date September 11th, and a New Moon on September 8th. So, should prices rise a few more days, the end of this week could see the kick off to a massive decline, wave 3-down.
The alternate labeling is that wave 2-up has topped, and 3-down is starting.
How will we know when wave 3 down has started? Two things: First, a decisive drop below the bottom boundary of the Rising Trend-channel from August 30th, shown in the updated charts in the International Market Report, and second, new sell signals in our key trend-finder indicators. At the moment, that bottom trend-line intersects 10,300 in the Industrials and 1,088 in the S&P 500.