Still no sell signal.
Continue riding the wave! No sell signal yet. When I heard the action resulting from the Fed statements today I thought we would get a sell signal from my proprietary RumWave chart. We didn't! This wave is showing some good resiliency in the face of overbought territory. From an Elliot Wave perspective, we are at an inflection point. The question is whether this wave is an A-B-C correction to a larger bearish market, or if it is truly a reversal after a 10% correction. I think the latter is true. I think if we were going to see the market resume a bearish trend, it would have triggered the sell today.
|4 Hr Chart|