Today 11/21/16 the DJIA moved above 18934.10 confirming completion of an Elliott wave Horizontal Triangle. The DJIA is now in wave (5). Usually after a Horizontal Triangle the post triangle move up, the 5th wave is equal to the widest part of the triangle. In this triangle it is 128.00 added to the wave (4) bottom 18853.80 targets DJIA 18981.80. Allowing for leeway the DJIA could reach 18961 to 19010.00 A top could come between 11/22/16 to 11/25/16
Mark
Komen
tomj2417
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Brave man calling a top in this market. The suspense is wonderful!
markrivest
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Hi
Thanks for the comment. The wave count is very clear and daily momentum indicators are over bought.
Mark
drshoe
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@markrivest, calling a top in the market is pretty difficult. the momentum indicator can stay over bought for a long time as well. it's hard to tell. but we will see!
markrivest
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Hi thanks for the comment. That is a very good point, in any market at any time momentum indicators can stay overbought and the market will keep going higher.
My comment about momentum being overbought is to indicate that the DJIA, SPX, NDX, and other stock indices are in the area for a potential move down which is the first step to timing a trend change.
When attempting to find a market turn many different tools need to be used.
Please see my post today 11/24/16 regarding the VIX.