Counting an Elliott fourth wave in the upward progression
I know that I just posted these last week but made slight changes to the targets on the weekly chart and think that the broader market is on the same path, closing in on a summer low.
XLY is on plan correcting as expected. Can use a little lower over the next week or three to test ♦♦.♦♦ to ♦♦.♦♦ after which we see if they can muster enough energy to push to a new high, the main scenario, or if any bounce sets a lower high, the alternate.
I’ve taken a look at this sector ETF to see if it had any clues to wear we are in the broader stock indices. In general looks like the SPX. Either the expected near term high is the...