The stock market is very unstable at this moment and, usually, a lack of focus has a single consequence: going down.
So, no surprise if the Elliott’s Wave reading is for a decline in the immediate future: in the latest two trading days all the indecision has been solved for a sudden and fast reversal and you may see the targets by yourself.
What is not clear yet is if the action underway is the second leg down of a larger A-B-C or the third and impulsive wave of a larger 1-2-3-4-5 swing.
In the first case, we should see a target near 4000 (or just a bit below). In the second and scarier case, we have the minimum target around 3850, but the impulsive third wave may reach a much lower support.
r.Virgeel is at the moment evaluating the first possibility as the most probable, but its outlook is rapidly deteriorating in the latest weeks: the new all times high forecasted before is now just a return near the past ATH.