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Saturday, December 5, 2020
MTU Weekend Ed - Tracking the Larger Structure (12/4/20)
If the prior upswing in SPX ended in 2018 (red), the upside potential of this corrective structure (wxy or expanding triangle) is likely met soon.
Various stks and Indexes show a pattern similar to Boeing (BA) like UKX. Ref LT charts.
Based on past obv that pattern is usually a point where strong resistance is met.
It will depend on where the start and end point of the distorted hidden wave structure lies in all this.
The SPX chart 1 above irrespective of where it commenced the corrective action from the end of wave 5 from 2009 (either 2018 or 2020 peak) the move from Jan 2020 to now is likely to be a A-B wave of some type. That fits in also with most of the other LT known cycles.
And based on past chart obvs the only thing that can over this this decade send stks higher is if an unusual extd wave 5 from 2009/1982 is running as Neely suggests.
In order for that to happen more corrective or sideways consolidation action needs to happen.
We have now good criterior for 5 EW waves from 2009, 1982 and 1932/42. So anything more will be a bonus wave.
Various stks and Indexes show a pattern similar to Boeing (BA) like UKX. Ref LT charts.
ReplyDeleteBased on past obv that pattern is usually a point where strong resistance is met.
It will depend on where the start and end point of the distorted hidden wave structure lies in all this.
The SPX chart 1 above irrespective of where it commenced the corrective action from the end of wave 5 from 2009 (either 2018 or 2020 peak) the move from Jan 2020 to now is likely to be a A-B wave of some type. That fits in also with most of the other LT known cycles.
And based on past chart obvs the only thing that can over this this decade send stks higher is if an unusual extd wave 5 from 2009/1982 is running as Neely suggests.
ReplyDeleteIn order for that to happen more corrective or sideways consolidation action needs to happen.
We have now good criterior for 5 EW waves from 2009, 1982 and 1932/42. So anything more will be a bonus wave.
An interesting DJIA stk chart to look at is a 30yr on Pfizer (PFE)-
ReplyDeleteShows topheavy 5 waves down from the early 2019 peak to the March 20 low then a choppy 5 wave rally which is same in substance as between 2000-2005.