Still no sell signal.

Continue riding the wave!  No sell signal yet.  When I heard the action resulting from the Fed statements today I thought we would get a sell signal from my proprietary RumWave chart.  We didn't!  This wave is showing some good resiliency in the face of overbought territory.  From an Elliot Wave perspective, we are at an inflection point.  The question is whether this wave is an A-B-C correction to a larger bearish market, or if it is truly a reversal after a 10% correction.  I think the latter is true.  I think if we were going to see the market resume a bearish trend, it would have triggered the sell today.

 The scores above continue to reflect an overbought wave.  However, that doesn't mean its done going up.  I'm watching the RumWave chart (which I don't post pictures of) for the critical point.  The good news is that the 4 hr chart score decreased ever so slightly.  That is actually a good thing in terms of the wave's ability to move higher.
4 Hr Chart
 The 4 hr chart shows a nice calming of the candlesticks without displaying bearish tendencies
Daily Chart
The Daily is also showing a nice calming of the wave.  Bollenger %B is pulling back slightly, which gives us a little room to move up without pushing the envelope.

The bottom line is that the RumWave is still saying we should hold our positions.. so I will!