Diagonal Hints Blow-Off Top For U.S. Election | Elliott Wave S&P500 VIX Technical Analysis
This week, Rob Roy's Elliott wave analysis for stocks, crypto, and options traders provides a deep dive into the current market conditions, focusing on a potential ending diagonal pattern forming in the S&P 500. While the pattern may not strictly adhere to Elliott wave purist rules, Rob explains how it's evolving and discusses the technical targets for this complex zigzag formation. He highlights key points on the chart, including a 100% extension level that aligns with the potential market movements around the upcoming U.S. election. Additionally, he addresses the ongoing volatility in various markets, such as bonds, volatility indexes (VIX), and major stocks like Nvidia.
:: How to Subscribe to TRADEFINDER LIVE! for Free ::
------------------------------------------------------------------------------------
Become a FREE Tradefinder Member using the link below.
As a subscriber you’ll watch live as Rob finds new trading opportunities each week.
► Registration Link: https://ewotrader.com/tradefinder/
:: Subscribe to the HUBB Channel for Live Updates and Q&A ::
---------------------------------------------------------------------------------------------------
To participate in Q&A with Rob Roy, join us at the HUBB YouTube channel. Click the link below now to subscribe for free.
► Registration Link: / @hubb_financial
:: Sections in this Video ::
------------------------------------------------------------------------------------
00:00 - Introduction
00:53 - SPY
02:44 - VIX
04:10 - US Market News
05:40 - TNX/TLT
08:02 - US Dollar
8:59 - DIA
10:53 - QQQ
11:56 - IWM
12:44 - Bitcoin
13:27 - ETH
14:43 - GLD
15:06 - SLV
16:08 - UNG
16:58 - USO
18:00 - NVDA
19:49 - MSTR
21:02 - XLE
22:07 - XLF
23:00 - INDA
24:04 - TradeFinder Info
:: To receive TRADE ALERTS for our strategies see links below ::
------------------------------------------------------------------------------------------------
► EWO Volatility Strategy https://ewotrader.com/the-volatility-...
► EWO Impulse Strategy https://ewotrader.com/the-impulse-str...
► EWO Time Strategy https://ewotrader.com/the-time-strategy/
:: Other Links to Follow Us::
--------------------------------------------
► Instagram: / elliottwaveoptions
► Facebook: / elliottwaveoptions
► LinkedIn: / elliott-wave-options
► Twitter: / ewotrader
► Website: http://www.ewotrader.com
In the bond market, Rob discusses the divergence between expectations and reality, with interest rates rising despite signals that the Federal Reserve might be moving into a rate-cutting cycle. The TNX and TLT charts show a significant move, and Rob notes that this could indicate the market is still concerned about inflation. He also explores the implications of these movements on the U.S. dollar, which is seeing strength as rates rise, helping it maintain its position as the global currency of last resort.
Rob moves on to discuss the price action in several other markets. The VIX is trying to find a new support level, with a potential bounce from 20, while small-cap stocks, represented by the IWM, are showing signs of a breakout. The IWM’s triangle pattern could indicate that risk appetite is returning to the market, but as Rob cautions, a second day of confirmation is needed to validate the move. He also analyzes the DIA, which had a strong rally, and the QQQ, which is fighting the upward trend of interest rates while showing a breakout from its own triangle pattern.
Precious metals like gold (GLD) and silver (SLV) are also in focus, with Rob explaining that SLV is trying to play catch up after a breakout. He highlights how corrective patterns, including zigzags and triangles, dominate in these charts, aligning with Elliott wave theory's emphasis on corrective waves being more prevalent than impulse waves.
Natural gas (UNG) and oil (USO) are explored next, with Rob noting that natural gas is forming a clean five-wave pattern, while oil is in a corrective triangle, awaiting its next impulsive move. These insights are crucial for understanding how energy markets are behaving in the face of storms and other supply chain disruptions.
In the tech sector, Rob looks at Nvidia (NVDA), which is showing an upside breakout from a symmetrical triangle, although it’s approaching a critical resistance level that could define whether the breakout is real or false. MicroStrategy (MSTR), heavily tied to Bitcoin, also had a significant day, breaking out of a triangle pattern with Bitcoin's price surge.