Voor wat het waard is, update van McHugh:
The U.S. Election is tomorrow, which should produce clarity for markets. A vertical trend should follow. There was a small change in the McClellan Oscillator Monday, suggesting a large price move is coming over the next few days.
Stocks were essentially flat Monday, up very slightly, frozen awaiting the outcome of the election. Technically, our key trend-finder indicators remain on a sideways signal, with the Secondary Trend Indicator clinging to a buy signal, while the Demand Power / Supply Pressure Indicator remains on a sell. Overall, an indecisive situation. Volume was low Monday. New Highs were 75 with New Lows 37.
Turning to patterns and the Elliott Wave labeling, the Industrials are finishing an Expanding Rising Wedge that started a year ago, this pattern the final wave C-up of a multi-decade Jaws of Death pattern. Within this pattern, the final wave e-up is finishing, an a-up, b-down, c-up pattern, with b-down finishing now, and wave c-up about to start. That rally should be strong, maybe 1,000 points +/- in the Industrials.
Interestingly, the NASDAQ 100 is finishing a Huge Rising Bearish Wedge from 2009, needing one more strong rally to complete the pattern. That rally could start very soon.