Elliott Wave 5.0 "Reboot"

Tuesday, February 16, 2016

Mini SP500 Intraday Review



The E-Mini has reached a new bearish low on the 11th of February as the DJIA lagged behind. This makes a huge difference on any intraday charts I produce. The SP500 has pushed north again as I posted so this can still keep the impulse alive for now. This entire rally can still be part of a bearish counter rally as a gap also opened with the move.  That does not mean we are going to fill this gap this week, but it will get filled with a bearish move in the future.

HDGE has also moved down with a gap left in its wake and the VIX also struggling to go higher. The VIX has about 4 open gaps below which I'm sure will get filled this year or much sooner.

I would love to see the markets push higher to confirm and end to the bearish decline which has been running since the July 20th 2015 peak. 

At the 1860  price level, I have another open gap so the markets could back fill before another push north start out.