This proved to be a particularly volatile week, which is saying something in this market environment. In the first two sessions, price gained about 3%. That was followed by a one-day drubbing of approximately 4%. Finally, the week wrapped up with a two-session gain of more than 3% to secure a marginally positive week overall. What we’re taking away from this indecision is that, well, price remains incredibly indecisive. As a result, the pattern has turned messy and largely open to debate due to conflicting patterns. As far as we see it, price has had multiple opportunities to follow through on a very extensive setup to head lower, but it has consistently and persistently refused to do so. That has to be seen as a message and we have to listen. And that was our cue to step away from it and go
completely neutral because this market is as chaotic as it gets. And really, that’s all there is to it. We can try to latch on to something to justify a more aggressive stance, but we both know that it’s nothing more than a gamble at this point in time. And that has nothing to do with the Elliott Wave theory. I don’t care what you’re trying to use to navigate this market, from fundamentals to Fibonacci, it’s not guiding the way at the current moment. But that will change, so we wait for a return to sanity. In the meantime, the focus needs to remain on all price action following October’s low. This move looks to provide insight into at least the near-term market agenda as we’ll discuss below, and with as quick as market direction changes of late, that’s all we can worry about at this time.
completely neutral because this market is as chaotic as it gets. And really, that’s all there is to it. We can try to latch on to something to justify a more aggressive stance, but we both know that it’s nothing more than a gamble at this point in time. And that has nothing to do with the Elliott Wave theory. I don’t care what you’re trying to use to navigate this market, from fundamentals to Fibonacci, it’s not guiding the way at the current moment. But that will change, so we wait for a return to sanity. In the meantime, the focus needs to remain on all price action following October’s low. This move looks to provide insight into at least the near-term market agenda as we’ll discuss below, and with as quick as market direction changes of late, that’s all we can worry about at this time.
