SPX reacted at the touch of a multi-year line and at the breach of the upper Bollinger band (Chart 1).
If the market chooses to reverse, this would be a convenient place for the conclusion of a three-wave rise since March, tracked here as WXY. If the market chooses to extend the rally, a potential triple-three may be in play. See Chart 2.
The squiggles from the high have been ambiguous. But so have been those from past major highs, including the Feb high. See Chart 3.
AMZN chart show clear overbalancing of price with the correction the largest in history the past few days. Larger than even in Feb-March. Game over.
ReplyDeleteDeclines in other tech stks also notable. FAANGs.