Here is the current bigger picture on SPX - note the red X and green boundary lines
In fact, in ES, the advance since early October may count better as a triple zigzag then an impulse (or at least as well as). Note the nice fib-like ratios.
EWT implications by the triple-three tracking count
- the same price cap as an impulse count (see chart below) assuming the 3rd zigzag above remains shorter than the 2nd.
- most likely a terminal advance in the sense that following reversal corrects the entire advance in 2019
- the speed of the decline post-reversal is likely to be faster than based an impulse count
Comparison to an impulse count (see Chart below).
Finally, the Chart below updates the unfilled gaps in SPX cash. The labels in this charts assumes the blue X.
US INDEXES
ReplyDeleteIf I were a fund manager I would not be holding large qty of stk unless heavily hedged at this point (depending on wave structure of each individual stk held).
Blowoffs in US tech stks are visible - see MSFT 10-20-30yr charts - which have been keeping mkt aloft.
Doesnt matter who is in White House the mkts trend is its own.