I am a big believer that markets are patterned in term of price and time. I use Elliott waves but I don't label everything. Waste of time as the probability of being right are low most of the time. That being said, I do look for charts sporting the right look. In other words, high probability wave counts and right now if there's one chart flashing a very...
Banking Index. Potential Elliott Wave 5th wave extension.
The Equity rally in the US is looking tired and needs some accelerate. The Banking Index can provide this, if it can manage to breakout of its 1+ Yr range. Closely watching this one.
If IWM and BKX continue lower, look the for the SPY to finally follow.
Everyone thinks the tiny "correction" is over. The BKX says otherwise.