SPX is back at its major resistance zone - a fifth attempt, with higher lows (Dec, Mar). Chart 1
Monitoring a potential triangle wave [b] in SPX if . This triangle does not work for other indices. Chart 2
Tracking counts for the upswing from the March low - for the triangle or further advance. Chart 3
Hard to say whether Friday's pullback is an impulse or an ABC structure. Chart 4.
Commenting on MTU's charts...............
ReplyDeleteChart 1 & 2 - energy and timing differentials are in interplay on some of the index chart like SPX DJIA so be careful about that resistance level. Note also if an impulse wave were in progress from the March low the move should have been larger by now (akin to the size of Jul-Aug 22).
Chart 3 - looking at the time structure I would estimate the red C wave is complete at the last peak as 5 wave seq from red B is there. And if the start of the red "A" wave is on the 15 March then its a red 5 advance, not a red ABC.
Chart 4 - given the prob of what Chart 3 answer is and visually, there is likely to be a neg v seq there to 1.45pm Friday, but the exact points of wave red i ii and v I would alter left and right. Reading micro-waves can be a problem.
I generally think the patterns on various indexes are distorted and the EW count will not be possible to correctly read.
SMAC Update 14 April 2023 Mkt Close -
ReplyDeleteThe SPX SMAC trend indicators still moving up.
W5000 SMAC turned up on 11 April after bouncing up and down for 3 days.
Note that this indicator is based on average price action which for the past 5 months has been in the same range. This is when it can be thrown out more often than in normal times. However since they both turned up* the mkt has as usual not gone (net) down.
*DJIA one turned up on 31 March and SPX on 6 April.