Very Slow Day - Market Analysis for Sep 16th, 2024

I am going to assume that the first two and half days of this week will likely be lower volume and some grinding action, as investors await the Fed decision.  But, from my perspective, I still would like to see a 2nd wave corrective retracement before I consider buying any long positions.  

Remember, for those that are more aggressive, you would have bought longs two Friday’s ago when I outlined it in an alert as we were hitting the lows of the prior pullback.  However, for those more risk averse, you are likely waiting for the 1-2 set up to begin layering in, and then adding on the next [1][2].  

As it stands right now, the decline is looking corrective thus far, so I have no strong indications of the yellow alternative at this time.

So, I am going to wait until we break down below the wave [4] to view it as a greater likelihood that we are indeed in the wave 2 pullback.