MTU Month End Ed - Wedges

Thursday Update (5/28/20)

no change in near term tracking.

Wednesday Update (5/27/20)

SPX broke above the major 2018-2019 resistance zone, and is probing the minor 2019 resistance area (Chart 1).

Near term, a potential small wedge in SPX (Chart 2) and a slightly larger wedge in NDX (Chart 3, NQ shown)

 

Tuesday Update (5/26/20)

MTU Weekend Ed - WXY (5/22/20 close)

No change to the primary tracking count, while keeping an eye on the resistance zone.  A slow market.

Thursday Update (5/21/20)

Wednesday Update (5/20/20)

SPX closed above the resistance zone. 

Tuesday Update (5/19/20)

Looks like B-down is in progress.

Monday Update (5/18/20)

SPX new recovery high, at the top of the resistance zone (Chart 1) and probing MA200 (at 2998).

Short term, the primary tracking count anticipates B-down then C-up to conclude (Y).  Chart 2.

MTU Weekend Ed. - WXY (5/15/20 close)

primary tracking with an eye on the resistance zone

Thursday Update (5/14/20)

The potential wedge in NDX is still going (Chart 1), lending some support to the gray count in SPX (Chart 2).

Wednesday Update (5/13/20)

A potential wedge in NDX remains intact at today's low.  The gray count (X)-down for SPX looks relatively more appealing.

Tuesday Update (5/12/20)

Continued struggle with the resistance zone. SPX closed down just below the zone. One more high would look better for the corrective tracking of the upswing.

Monday Update (5/11/20)

MTU Weekend Ed - Short Term Update (5/9/20)

Hopefully, a picture is worth a few words.

Thursday Update (5/7/20)

NDX is now wedging (Chart1) which is worth monitoring.

Whether the wedge is a stealth fourth wave, like the potential gray (4) for SPX in Chart 2), time will tell.

Wednesday Update (5/6/20)

a slow day, no material changes

Tuesday Update (5/5/20)

SPX is still struggling/probing the resistance zone and closed just below it today.

Monday Update (5/4/20)

SPX is probing its MA50 for potential near term support.
Today's decline is just large enough to invalidate the purple EDT (highlighted in the weekend post).

Gold long term tracking

WTI Crude long term tracking

MTU Month-End Ed. - Fib618 Retrace (5/1/20)

SPX  reacted after having retraced 0.618 of its prior sell-off, which is at the top of its 2018-2019 support-resistance zone.  SPX closed the week below the resistance zone but above its SMA50 (Chart 1).

Price structure can accommodate a rebound to new recovery high in the near term (Chart 2)
Purple - thanks to Krasi - (A)(B)(C) rebound with an EDT wave (C)-up, as long as SPX stays above  2802.74.   This count would work for NDX as well (Chart 3)
Blue - (W)(X)(Y) rebound, waiting for C-up o (Y)-up to materialize