Recently I posted that the Dow Transports (DJT) could be in a post Elliott wave Horizontal Triangle thrust up. On 7/19/19 the SPX went down .62% the DJT went UP .63%. If this is
the early part of a larger decline chances are that the DJT would be down at least as much as the SPX. What the DJT did on 7/19/19 ties in with the theory that a DJT is in a thrust up and likely leading the broader US stock market up.
If the SPX breaches 2973.10 labeled as Minuette wave (a) there's a cluster of three Fib points in the zone of 2957 to 2970, if the SPX reaches this zone it could be a fantastic opportunity to go long US stocks.
Also note there's an alternate Elliott wave count that suggests the entire SPX rally from 2728 to the all - time high could be Minor wave 1. If the SPX goes below the support zone at 2957 to 2970 I will have an updated SPX chart explaining the alternate wave count and where the next support zone could be.
Mark
the early part of a larger decline chances are that the DJT would be down at least as much as the SPX. What the DJT did on 7/19/19 ties in with the theory that a DJT is in a thrust up and likely leading the broader US stock market up.
If the SPX breaches 2973.10 labeled as Minuette wave (a) there's a cluster of three Fib points in the zone of 2957 to 2970, if the SPX reaches this zone it could be a fantastic opportunity to go long US stocks.
Also note there's an alternate Elliott wave count that suggests the entire SPX rally from 2728 to the all - time high could be Minor wave 1. If the SPX goes below the support zone at 2957 to 2970 I will have an updated SPX chart explaining the alternate wave count and where the next support zone could be.
Mark