Market Dashboard - Bullish

RUM Wave indicators are showing bullish signs after Friday's rally. 

Market Update-bearish

All signs point to a large corrective wave.  Indicators are at very low levels, but the failure of the market to move higher and the Elliot Wave count are signaling continued bearish overtones.

Market update-stubborn wave

Apologies for poor posts the last 2 says, my day job had me on some abnormal hours so my schedule is off.  Anyway, I do not feel fully confident in the market.  The macro picture is leaving a lot of question marks in my mind.  My signals are still bullish overall, but they have been in that range for too long without a rally.  That leads me to believe a larger correction is unfolding.

Market Dashboard - Critical Market Point

 After a difficult week, RUM wave indicators reached an extremely bullish condition on Thursday.  Friday gave us a strong bullish rebound, but investors should act with caution trading this market.  Mandatory reading for my loyal followers is this excellent Elliot Wave weekly recap: click here.  

The 4 hour charts for the major indexes (below) show some pretty strong short term bullish signals.  Specifically, there are bullish divergences on all three charts and the IWM (small caps) is at a strong level of support.  If we see the small caps break this level, it could result in a nasty decline in the overall market.

Market Dashboard - A Challenging Signal

Today the market hit the bulls hard as selling pressure violently accelerated.  This appears to be a challenging moment for my indicators.  I've been waiting for this scenario for a while.  My basic philosophy is to monitor Elliot Wave for my long term market signals and to use RUM Wave to identify short to medium term entry points.  Currently, my favorite EW-ers are calling a potential primary wave III top.  To put it in more common terms, a primary wave III top will signal the start of a 2-3 month decline.  Primary wave II took the market down over 20% before it was over; primary IV will likely be similar.  The question everyone has is, are we there yet?  My signals are just about as bullish as they get, so a failure to recover starting tomorrow would have me believe that primary III is complete.  In fact, if we were somewhere else in the Elliot Wave pattern I would be calling this a screaming "buy" point.  Protective orders on any remaining long positions are a worthy option.

Market Update - good bounce today

Sorry, no charts today!  But, we had a good bounce and it should kick of a good bullish run.

Market Dashboard - finding a bottom

RUM Wave indicators took a hard swing back into the green over the last two days and now are very much on the low side of the range.  One thing I have learned is that I have to trust the indicators and the criteria I have assigned them.  Every time I have second guessed what the RUM wave was telling me, I was wrong.  So, I maintain my bullish stance at this point.  A bounce (at a minimum) is well overdue at this point.  I look forward to seeing what tomorrow brings!