The Daily Drip

Elliott Wave and technical market updates on SPX,NDX,DOW,IWM,DXY,BITCOIN

Note: The counts on the right edge are real-time, and they are prone to adjustments as price action develops. Elliott Wave has a fluid approach, is evidence-based, and requires constant monitoring of certain thresholds.

In the counts below, this (( )) = circle on chart

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Chart of the Day RIVN 0.00%↑ - A story of an overvalued electrical company continues. It’s not that easy to build cars. Then you actually have to sell them. Trading $13 after hours and earnings.

SP500

Ther indices spent most of the day on a weak note and making new lows, only to show some buying in the last 30 min of the day, creating a positive close. This is a positive sign for the bulls in the short term, but it does not change the count structure I am following. The rally is either wave ((c )) of wave ii ( flat) or wave ((a)) of ii. This depends on where we place the bottom of wave i. The high at 5038 is the invalidation level.

The 20-day continues to provide support here, with the market bouncing after a full touch.

Let’s continue to analyze the rest of the markets,