The RUM Wave has moved!  (And changed names!)  Find the same analysis here:

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Market Dashboard - Bullish wave showing signs of weakness

It has been quite some time since my last update!  Things were looking pretty scary when the market decided to make a huge run to the upside.  For the purposes of transparency, I did not expect that and I recommended that people be cautious with the upside trade.  I completely missed out on the move, but that's just the way it goes sometimes. Currently, my RUM Wave indicators are showing that there is a little weakness happening in the market.  It is not really that surprising, considering how far the market has moved!

Market Dashboard - little change

Not much has changed in market conditions.  A mild upswing is probably underway as a "B" wave in this correction.  I still consider the market risky for Bulls.

Market Dashboard - Bounce, but not the end of downdraft

I think Friday's bounce was the start of an intermediate "B" wave, in Elliot Wave terms.  That said, we could see some more upside out of it, but I don't think we are done with Primary Wave IV.  Think 2011 for reference.  

The SPY chart below looks like it is approaching a low point with regard to price volume, so I'm considering that as a potential point of resistance for bulls.

A quick selloff late this trading day continued to confirm EW theory that we are in Primary Wave 4. This means we are likely in a downtrend that will continue to last for a couple months.  Intermediate rallies are a possibility, but they are risky and difficult to predict.  The failure of the market to move into the overbought range of the RUM Wave indicators confirms the EW theory.  Overall, bullish market bets are risky.

Market Dashboard - Neutral

Another brutal day for bulls in the market.  EW suggests more downward movements to come.  It is hard to say with conviction that a bullish rally is imminent given the recent declines.  Any decisions to make a bullish bet on the market should be considered very high risk.

Market Dashboard - Bullish

RUM Wave indicators are still suggesting a bullish trend.  Tomorrow's action will be a good tell for which way the market wants to move.