Marginal new low in the afternoon. Chart 1 updates the weekly. The main tracking counts remain as (1)-down of [3]-done or (C)-down of [A]-down (Chart 1),
but keep an eye on a larger diagonal triangle down (Chart 2, blue dotted lines)
- so far we have 5 days down, 3 days up, 3 days down; could we have 2-days up then 1-day down to finish a contracting diagonal triangle?
Daily shows positive divergence.
[Intraday Update - 1pm EST]
[2]/(B) likely topped - see yesterday's update on our tracking counts. Currently (1)-down of [3]-down or (C)-down of [A]-down .
Keep an eye on the blue line overhead resistance (previous support) in the weekly chart (Chart 1) and the blue 2/4 line overhead resistance (previous support) in the monthly chart (Chart 2). Closing above those lines likely signals a short term bottom.
Bit of a down day Monday 9 March which also happens to be exactly 11 years from the 2009 low.
ReplyDeleteMin req for 5 waves down at this point from the Jan-Feb peaks.
I wonder where all those mkt guys are who were telling people 2 months ago to stay fully invested in stks and you were crazy to be in cash (like Ray Dalio) ?
Made almost 4700% on some of my leveraged trades so far since Jan. Sold a chunk yesterday as part of a std rollover strategy.
Most of the others are over 2000%.
On the wave count the other thing we need to be wary of (given the distorted patterns in recent years) is if the count I mentioned above of possible 5 down from the Jan top is not valid, but it has done wave 1/a & 2/b of a larger deg wave down is in wave 3/c still.
ReplyDeleteThe wave B is close to 3200spx. Thanks in advance
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