TVC:DJI   Dow Jones Industrial Average Index
The Elliott wave Ending Diagonal Triangle ( EDT ) mentioned in my last post now counts as complete. On 10/24/19 there was leeway for one more rally - which has happened.
Usually in the final wave of a rising EDT there's a throw over of the rising trendline which this supposed EDT now has.

Momentum evidence is mixed. The 15 - minute RSI has no bearish divergence which is potentially bullish .
The Bullish Percent Index which had been rising this week was unchanged vs. the reading made on 10/24/19.

NYSE 52 - week highs on 10/21/19 were 289
10/22/19 were 294
10/24/19 were 253 - bearish divergence
10/25/19 were 230 double bearish divergence

VERY IMPORTANT!! On 10/25/19 the SPX was .70 from breaking above the all -time high made 7/26/19 at 3028.00
If the SPX rallies 1 tick above this high it will eliminate the long - term Elliott wave count discussed in my 10/11/19 SPX post and is bullish .

If the SPX moves above 3028 avoid new shorts and begin covering existing shorts with the goal to cover all shorts within the next few trading days.
What about going long? Not on the initial break above 3028. The US stock market has been in a rally for several days and the potential break above 3028
is not the best area to go long because you would be vulnerable to a short term pull back. Wait - holding cash is sometimes the best position, there will be other opportunities.

If the SPX can break above 3028 it will most likely do it on 10/28/19 - if the SPX fails to beach 3028 and goes down, it will be more evidence that the EDT is complete.

Mark
Oct 26
Comment: NOTE TO ALL - THIS POST WAS SUPPOSED TO BE DELETED. I HAD TROUBLE POSTING THE SPX CHART BEACUSE THIS DJI CHART CAME UP INSTEAD. THE COMMENTARY ON THIS POST IS FOR THE SPX.

Mark
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