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"All the Same" market countertrend rise is turning into "All the Same" market decline

According to Elliott Wave... The initial subdivisions of Minor wave 3 down are unfolding. The best view of the short-term wave structure indicates that further selling pressure and lower prices are directly ahead.

The U.S. stock market rallied for 9 days from June 7-18 (daily closes), retraced 40% of the decline from the April high using daily closes (S&P) and 50% of the same decline using intraday extremes, is down in percentage terms for the year and is now at the same level it was 8 months ago (last October). China made a countertrend rally high last August, Hong Kong last November, the Euro STOXX 50 in January and the Nikkei and Sensex in early April. Commodities turned down in January (CRB index) and oil did so in early May, both after corrective rallies. Silver's countertrend high so far is on May 13, while gold has pushed to a recent all-time high but it too appears to be reversing lower. In sum, the "All-the-Same" market countertrend rise is turning into "All-the-Same" market decline. 

In the Dow, the next potential stopping point for wave (v) down is 10,141.00-10,175.00. Another possible area is 10,047.00-10,077.00. Both of these areas are derived via various wave relationships that cluster with retracement levels. In the S&P 500, the equivalent ranges are 1071-1077 and 1062.


Disclosure: 65% short S&P 500, 35% cash