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Stocks broke down from what appeared to be an inverse head and shoulders pattern yesterday. This is why it is important to wait for confirmation of a breakout before trading this pattern. It is also important to check the Kovach Momentum Indicators since these suggested a divergence, indicating a breakdown.

Stocks are looking technically very weak at the moment, and the Kovach Indicators are all trending downwards. It looks like we are in the midst of a corrective phase in a 5-3 Elliott Wave. Watch for support at 3116, but if this cycle continues, we could test lower levels at 3094 or 3071.

Stocks retracing

Stocks look like they are in the corrective phase of a 5-3 Elliott Wave

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