Only Two of Us?

Here's a short Elliott Wave video, by a person who also disagreed with Prechter at the tail end of last year, too.

Are there only two of us? Regardless, The Principle of Equivalence says that a trend change hasn't occurred until new highs are no longer made. And Ira's work suggests there is no trend change until there is a lower low and lower high under the 18-day SMA. As of this writing, there was a new higher high at 23:00 in the overnight futures session. Further, there is progress on China tariffs & there are earnings for AMZN and AAPL after the close tonight.

One thing I will add is the equity-only put-call ratio for yesterday ($CPCE on stockcharts.com) was 0.44 which is back well into the Zone of Speculation and lower than the Sep-Oct lows, but not lower than the May lows.

So, patience, calm and flexibility remain the order of the day, and local technical indications will have to provide short-term guidance.

Have an excellent rest of the day.

TJ