Short term - potential wave four-down
Structure - also in the process of confirming the right shoulder of a potential HS. The potential right shoulder right against the major resistance zone over the past 18 months .
Short term - potential wave four-down
SMAC Update 6 April 2023 Pre-Easter Mkt Close -
ReplyDeleteThe SPX SMAC trend indicator has reversed and turned up again after being down only 1 day down.
W5000 SMAC I am unable to calculate yet as I need the next figure off a website not available yet. It may have turned up.
DJIA SMAC indicator still moving up.
I would still be cautious about too much reliance on these turns due to the EW position which also MTU notes, as a net sideways movement as seen the past 4 months will throw this SMAC out to some extent.
Their data-stream shows if the current DJIA SPX levels hold for multiple days their SMAC indicator will move up, but if either/both selloff the SMAC will reverse down again.
So we will see what happens.
Review of US Indexes -
ReplyDeleteNYA has 5 clear waves down from the Feb top to the March low and so far 3 wave up. Same for RUI. (And all the others have it the same in distorted form).
NASDAQ has energy variated pattern the same.
Making a deep low in Dec-Jan unlike others.
RUT is at the its low range of the past 9 mths.
MID is still in the apex area of large symmetric triangle formation of the past 12mths.