Today 09/16/20 the DJT made a new all-time high. There are two Elliott Wave counts. The Prime count has Minor wave "3" at or near a peak.
The alternate wave count has Intermediate wave (5) at or near completion. If this wave count is correct it implies the DJT could be on the verge of a multi-year bear market.
Momentum indicators favor the Prime count which implies the DJT could make additional new highs in the coming weeks.
Weekly RSI is still not overbought and is at it's highest level since the rally began in late March. RSI almost always has at least one bearish divergence when used on stock indexes.
The lack of a bearish divergence implies higher prices.
MACD lines show no bearish divergence and only a tiny bearish divergence on the Histogram. These factors also imply higher prices.
Mark
The alternate wave count has Intermediate wave (5) at or near completion. If this wave count is correct it implies the DJT could be on the verge of a multi-year bear market.
Momentum indicators favor the Prime count which implies the DJT could make additional new highs in the coming weeks.
Weekly RSI is still not overbought and is at it's highest level since the rally began in late March. RSI almost always has at least one bearish divergence when used on stock indexes.
The lack of a bearish divergence implies higher prices.
MACD lines show no bearish divergence and only a tiny bearish divergence on the Histogram. These factors also imply higher prices.
Mark