Elliott Wave: Week of 2/11/19 - Where's the Bull?

One of these things is not like the other....fun game? Maybe a more serious one when it comes to your Portfolio. So, where's the Bull?

This week I added a comparison of Equities to Bonds (U.S. Treas) to support the Elliott Wave position described in the last few week's charts.

That position remains unchanged from an Elliott Wave and Fibonacci perspective. Wave B is still unfolding and is pivoting about where expected. I spent time this week reviewing the case for higher degree Wave C and see no change of expectations for the intermediate term.

The economic case for slower global growth has been well covered by Financial media. The side-by-side charts illustrate where a Bull may be found. The lower TLT chart has a stronger Bull profile off a recent low in late 2018, including supportive indicators ( MACD , etc.). Alternatively, Equities look tired, with indicators turning down from extreme levels. That 50d sma (red) cross above 200d (white) for TLT looks far better than those measures for equities. I've added a vertical, dashed, line from October 2018 aligning the peak for stocks with the bottoming process for TLT prices.

TLT prices look bullish (lower yields) confirming an expected global slowdown. The chart comparison indicates price level changes for both asset types are not done, yet.

Where's the Bull? The stronger trend since October is with Bonds, and looks likely to continue. The inverse relationship of bonds with equities supports the Elliott Wave view for further correction.