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Stocks

Stocks simply can’t go down lately, despite pervasive risks in the markets. However, we do appear to be completing the fifth impulse in the Elliott Wave, and may see a correction, albeit a small one, soon. Additionally, we have a head and shoulders forming. Note that there is a big vacuum zone down to 3140. There are some nested Fibonacci levels in between. It seems 3176 may be a reasonable target for a long position. Notice that the Kovach OBV has stalled while the Chande has dipped (blue and purple lines respectively). This indicates a relief to the bull momentum.

head and shoulders in stocks

Stocks are ripping, but could face resistance at current levels.

Bonds

Bonds have retraced, as we have predicted earlier. This is a 50% retracement of the bear trend starting at the beginning of this month. Notice that the Kovach OBV is tapering up slightly, and the Chande has ascended quite a bit. It is unlikely that this is a reversal in trend just yet.

Bonds retracing

Bonds have retraced just about 50% June’s move.

 

1 Comment
  1. […] were spot on with our analysis from yesterday in stocks.  Recall that we noted the head and shoulders pattern, and the completion of the impulse […]

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