Sunday, July 17, 2022

MTU Weekend Ed - May Low (7/15/22)

SPX closed above May low for the 3rd time, into a zone between the Jan low and the May low.  How much time it spends in this zone will be telling.



4 comments:

  1. SPX Chart (& other indexes) -

    There appears to be 5 waves down from Nov to March. Then a single(?) wave rally then another 5 wave down to May or June. Tho you could argue a slightly different count. The waves are distorted so the count is difficult.

    In this type of situation you need to assess the larger deg waves back to 2009, 1982, 1932/42/49 and ask whether the Nov peak is a LT wave completion or not.

    If this was an ABC from Nov such a seq would usually have a clear abc countertrend B wave but it appears to be missing. (Your comments on that MTU - re B waves ?). However the distortion issue clouds this point.

    ReplyDelete
    Replies
    1. The "best" B wave may be the one marked in the Chart from C in Feb to X in Apr. It represents a lengthy (lasting longer than the first leg down and potentially longer than the second leg down) and moderate retrace of the first leg down.
      A potential larger degree profile has been highlighted in recent months, such as this one
      https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwWCwRuMHYYwnoW6gxtKFXb8cTow4luEyyYIGiFwWINoi0zS6vnyvLS0UqhAmVQJruZJUWEi01cn7YFZcJhxGcTH7xN_uA8-yVCsmrP_TNK4QfNjcLOALA35w0d3pufNkKK3CRPkFKXs8Q5X2tZotYB8du89KtuSdTYSNKmmxOwLqumzr9eksOfTvc/s850/SPX-20220708M.png

      Delete
    2. This is where you an I differ - your point C in Feb I would not classify as the end of a wave seq and start of of another. Nor would I think X in April is the end of a wave of that deg.

      The proof will be in the pudding soon.

      Delete
  2. Nice post thank you Quincy

    ReplyDelete