Market Update - The Bigger Picture

It's been awhile since I updated the current market status and after 3 months, it's finally doing something. The market looks to be making its final move up after a sideways correction. The sideways correction from May thru June can be considered "the pullback" I was waiting for. Now it is time for the final leg up.

An easy target would be to say A=C which would be about 33% or from $870, quick math around $1100. Another target is the fibo retrace zone between $1000 and $1200. I am waiting for a pullback then going to get slightly long. As with anything dealing with the markets, nothing is certain, and this initial leg up (when it completes), satisfies a minimum requirement. I am not saying that it is the top, just that the possibility is there. I will be able to tell based on the ensuing pullback.

Something else to notice is that all the markets are in a similar spot and we can look for clues based on them. As always the nasdaq is leading the way. Also, the bullish percent should show a topping point above 70, but look for possible divergence. One final indicator that is giving a clue is the RSI which is showing the first point since the bear above 70.

Getting ready to get long for a 10% or so move...

Good Luck.