Topping Process - Market Analysis for Oct 15th, 2018

Nice move off the ~76.4% retrace a micro 2 in ES, but despite how impulsive it looks this morning (and Friday) I think this c wave (if it survives at all) will likely "morph" into an ED.

NQ looks more clearly like only an (A)(B)(C) up Friday for the wave micro 1 of c, so at best that is an ED, and the choppiness we should expect there is likely to spill over into the ES/SPX... 

The 100% "Pirate Ninja" for c target 2805 ES but even as an ED, with micro 1 hitting the .618 it is likely that IF we manage to follow through we will end up closer to the 2825 region which also happens to be the 100MA.

I am not ruling out chances for OMH as the vth of the orange ED or even the (long shot) potential that this was i-ii in NQ of an even larger ED, or that some charts can count a larger 4th and still attempt a 5th... but most of that potential overlaps more of a bounce first. The prudent thing is to track/trade the "bounce" and then evaluate how/if it fails to turn down from likely resistance levels and how/if it holds new support as corrective retraces then establish new nearer-term Pirate Ninja targets.

StockWaves has gone neutral on a lot of the names that CAN count as tops in place but CAN still allow for higher, we have updated the support for those and in the last Webinar showed where the larger corrections (if/when starting) will target. We may even add a few new bullish names for things that look like they can fight a down trend or still have the best chances of attempting new highs. The Dow still can make a pretty decent argument for still being a iv of the ED 5th...

We will also start adding some more short candidates to the Coverage List, but many of those are likely to be getting more of a "bounce" too into more ideal entries. We also plan to do a few "Special Updates" of names that appear to be making more "Terminal Tops" but do not yet have any clear structure for downside targets.

@ES# - Alternate 4 - Oct-15 0728 AM (1 min)
@ES# - Alternate 4 - Oct-15 0728 AM (1 min)
@ES# - Alternate 4 - Oct-15 0729 AM (5 min)
@ES# - Alternate 4 - Oct-15 0729 AM (5 min)
@NQ# - Primary Analysis - Oct-15 0729 AM (15 min)
@NQ# - Primary Analysis - Oct-15 0729 AM (15 min)
@ES# - BIG Macro - Oct-15 0729 AM (1 hour)
@ES# - BIG Macro - Oct-15 0729 AM (1 hour)
SPX.XO - BIG Macro Clean - Oct-15 0740 AM (4 hour)
SPX.XO - BIG Macro Clean - Oct-15 0740 AM (4 hour)
SPX.XO - Macro Clean - Oct-15 0741 AM (1 day)
SPX.XO - Macro Clean - Oct-15 0741 AM (1 day)
INDU.X - Primary Analysis - Oct-15 0742 AM (4 hour)
INDU.X - Primary Analysis - Oct-15 0742 AM (4 hour)
Zac Mannes is a senior analyst at ElliottWaveTrader.net and co-host of the site's Stock Waves service, which provides wave alerts and trade set-ups on individual stocks.