Regarding the larger structure, keep an eye on this potential wedge as it is possible to count the upswing as a series of threes (Char 2).
Also keep an eye on the declining daily SMA50 currently at 2919.
Wednesday, April 8, 2020
Wednesday Update (4/8/20)
SPX retested the breakout and rose to marginal new high and closed near the high of the day but with negative divergence (Chart 1).
Regarding the larger structure, keep an eye on this potential wedge as it is possible to count the upswing as a series of threes (Char 2).
Also keep an eye on the declining daily SMA50 currently at 2919.
Regarding the larger structure, keep an eye on this potential wedge as it is possible to count the upswing as a series of threes (Char 2).
Also keep an eye on the declining daily SMA50 currently at 2919.
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Per my comment yesterday we saw "net upside" today, the "net" I was referring to yesterday being all these gyrations today.
ReplyDeleteProb wont exceed todays high until a pause or alt pattern unfolds.
Interesting article here from last November about NYA Index which only saw a marginal rise to Jan - Feb 2020 after it was written - gave the warning signs.
ReplyDeletehttps://www.marketwatch.com/story/the-us-stock-market-rally-is-built-on-a-crumbling-base-2019-11-22?siteid=bigcharts&dist=bigcharts
With the above comment I should have said yesterday Wed 8 Aprils high would only be a exceeded a bit, not "wont" exceed - we saw the peak restrained on NASDAQ index more in line with my original comment on Thurs 9 April.
With trend lines like MTU draws the general rule is 3 points on a line need to line up & exist for it to be really valid. Using 2 points only is risky.