Recent Articles by Garrett Patten

Holding below last week's high for now

The market gapped initially higher at the open, then pulled back to close the gap and has since been drifting higher during the afternoon session. If price makes its way back above the morning high from here, it would reduce the probability of the wider corrective flat off of last week's high as wave b of the blue count. Breaking out above last week's high should completely remove that count and suggest a trip to at least 5600 next as a potential leading diagonal off last week's low for a larger a-wave shown in red.
by Garrett Patten - 2 weeks ago

World Markets: Europe/Americas

A review of DAX, FTSE, STOXX, IBOV and IPC.
by Garrett Patten - 1 month ago

World Markets: Asia/Pacific

A review of Nikkei, Hang Seng, Shanghai Composite, Nifty 50, and XJO/ASX.
by Garrett Patten - 1 month ago

World Markets Weekend: Correction May Not Yet Be Complete

The price action in European indices seems to suggest that the correction off the October high may not have completed yet.
by Garrett Patten - 5 months ago

Bullish above today's low

The market continued to drift higher following yesterday's close, putting in a local top pre-market this morning and initially selling off right after the open. As price reached the .618 retrace of the bounce off yesterday's low, I sent out an alert to look for a corrective pullback to potentially complete there. Price did indeed turn up from that support and produced a micro 5 waves up from the noon low, so as long as today's low holds moving forward, price is setup to attempt more near-term upside.Based on that expectation, price should be setup as at least a i-ii start to wave (c) of a wider corrective flat off yesterday's low shown in blue.
by Garrett Patten - 6 months ago

Market Flat Going into Close

After futures briefly exceeded Monday's high during pre-market trading, price quickly reversed lower following the session open and now looks set to close near the lows on the day and flat compared to yesterday's close. Therefore, it is possible that the pre-market high was enough upside to satisfy 5 waves up from the October low now complete. However, price would need to break back below the overnight low at 5871 and eventually the low made earlier this week as evidence of a top. Until then, more near-term upside is possible before wave v completes with 5935 - 5950 still a potential target range.
by Garrett Patten - 6 months ago

Market meandering so far

The market stayed in negative territory for the entire session today, but otherwise continues to hold above yesterday's low. Therefore, not exactly the strongest or most convincing start if price does intend to still follow through as something bullish off yesterday's low. However, as long as yesterday's low continues to hold, this is clearly still only 3 waves down from the September high so far.While I would interpret a corrective pullback off last week's high as wave (iv) of a larger impulse off the September low, Avi has an even more bullish option of a wave 2. Either way, the best odds for a bullish resolution and at least another high being attempted rely on yesterday's low holding.
by Garrett Patten - 7 months ago

World Markets Weekend: Eye on Asian Markets

See our wave counts on the Nikkei, Shanghai, Hang Seng, Nifty and ASX.
by Garrett Patten - 8 months ago

Still Not Enough Evidence That Upside Has Completed

Unless a break back below today's low is seen, there is still not reliable evidence of a local top in place, with the door remaining open to another high from here.
by Garrett Patten - 10 months ago

Target reached but no evidence of a local top yet

Pre-market this morning, futures jumped higher following the release of CPI data, which quickly brought price into the target range that Avi has been noting for this 5th wave off yesterday's low. With that target achieved, we are now looking for a local top as either all of 5 waves up from the May 31st low completing, or as an alternative wave 3 of a larger impulse.In either case, we do not have evidence of a local top in place yet, which would require at least a break below the afternoon low made at 5421 to consider. If price does break below that support, then it should be at least the red wave 4 starting with 5381 as initial target support. Until then, 5466.
by Garrett Patten - 10 months ago

Has the b-wave finished?

The market rolled over today, failing to hold the retrace support cited for wave iv of (c) and then making a sustained break below the 5105 signal support.
by Garrett Patten - 1 year ago

Wave b may not be done yet...

The market started off the session initially higher this morning, but failed to follow through much beyond the progress already made into Friday's high. Price has since rolled over into the close, so far leaving us shy of reaching the ideal fib target for wave (c) of b at 5189 as the .618 retrace and measured move fib where wave (a)=(c).Therefore, I think it reasonable to consider that the high made this morning finished just wave iii of (c), and the pullback since is wave iv of (c).
by Garrett Patten - 1 year ago

To (b) or not to (b)?

Today the market started off the session initially lower, following expectations that a local top was struck as wave (a) of b at the overnight high. As price approached the 5080 signal support discussed in the morning video, I noted that even under the assumption that wave (b) of b was filling out, we could see a bounce from that level as a smaller degree b-wave within wave (b). Price followed that suggestion and bounced during the afternoon session, retracing back up to the .764 retrace of wave a of (b). Therefore, if price is following the blue count and intends to still pull back further in wave (b) of b, then ideally it maintains below the afternoon high.
by Garrett Patten - 1 year ago

Bouncing in a B-wave

The market followed through higher today, following expectations for a larger b-wave bounce filling out off last week's low, and price currently finishing up what should be wave (a) of b. Based on that expectation, 5123 is now the next fib resistance above, otherwise a break below 5080 is needed as confirmation of a local top and the start to wave (b) of b. The alternative is that price is further along in the circle b-wave and attempting to complete it sooner and a more direct fashion. That potential would become more likely if this move stretches all the way up to the .500 retrace at 5145 or the .618 retrace at 5189. Any turn down sooner will be assumed corrective as wave (b) of b.
by Garrett Patten - 1 year ago

World Markets Weekend: A Review Of Asia/Pacific Indices

Wave counts on the Nikkei 225, Hang Seng Index, Shanghai Composite, Nifty 50 and the ASX 200.
by Garrett Patten - 1 year ago

New Highs For The Month For European Indices

It will now require a break back below last week’s low to open the door to a top in place.
by Garrett Patten - 1 year ago

European Markets Review: DAX, FTSE, STOXX

European indices closed modestly lower today, with the DAX testing the retrace support.
by Garrett Patten - 1 year ago

DAX and STOXX Extend Month's Gains

The DAX Performance Index traded higher today, making another new high on the month and therefore at least still extending in wave (c) of i.
by Garrett Patten - 1 year ago

European Markets: STOXX & FTSE Close Higher

The EURO STOXX 50 Index closed higher today, but is still trading below last week's high.
by Garrett Patten - 1 year ago

European Indexes Approach Downside Targets

The DAX Performance Index continued lower today, making a new low below last week's low as suggested and satisfying the expected downside for wave iii of (iii). We also review the FTSE 100 and EURO STOXX 50.
by Garrett Patten - 1 year ago

Need Evidence of Starting a 4th Wave Bounce

The market curled back up shortly after the open, but so far has failed to exceed the signal resistance cited in the morning update at 4380. That level still needs to be cleared in order to treat wave iii of (c) complete and a wave iv bounce starting.If price maintains above the morning low and does get above 4380, then 4424 - 4478 is the current target range that can be reached as wave iv of (c) before completing and turning back down for one more low as wave v of (c).
by Garrett Patten - 1 year ago

European Indices Close Flat After Higher Open

The DAX started off the session initially higher, reaching the 15700 fib target cited for wave (iv) of c before turning back down into the close to end the session relatively flat.
by Garrett Patten - 1 year ago

Wave Counts for European Markets

The STOXX traded higher, while the FTSE and DAX were flat on the session.
by Garrett Patten - 1 year ago

Support Levels To Watch As European Indices Close Lower

The FTSE 100 started off initially higher today, but then rolled over into the close.
by Garrett Patten - 1 year ago

European Indices Trade Lower

The FTSE dropped sharply lower today, undercutting last week's low and therefore invalidating a bottom in place as red wave iv.
by Garrett Patten - 2 years ago
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