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Friday, June 2, 2023
MTU Weekend Ed. - Closed over Resistance Zone (6/2/23 close)
SPX finally closed over its key resistance zone, which has reined in advances since the Oct 2022 bottom.
Chart 1&2 - because of the 1x2 angle the SPX is running on, the pattern is distorted from what the picture prob really is, and what might seem a breakout might not be. And the red B wave count of MTU = still there. Elliott and Prechter have said B waves are unusual patterns.
Any new bull mkt starting should have begun by March not be as late as this. But anything is possible.
All my SMAC indicators still declining despite the surge Friday 2 June.
If you look at NASDAQ chart (COMP) if you take a slightly wider view there you will see 5 waves down from Dec 21 to Dec 22, then 3 waves up that might be an a-b-c (and with a approx 50% retracement rally so far).
The std EW rules are tho that 5 down should usually see a 3 up. Whether it applies in a distorted mkt is the ?
Note in this - the main waves will control what the intermediate and minor waves will do.
Chart 1&2 - because of the 1x2 angle the SPX is running on, the pattern is distorted from what the picture prob really is, and what might seem a breakout might not be. And the red B wave count of MTU = still there. Elliott and Prechter have said B waves are unusual patterns.
ReplyDeleteAny new bull mkt starting should have begun by March not be as late as this. But anything is possible.
All my SMAC indicators still declining despite the surge Friday 2 June.
If you look at NASDAQ chart (COMP) if you take a slightly wider view there you will see 5 waves down from Dec 21 to Dec 22, then 3 waves up that might be an a-b-c (and with a approx 50% retracement rally so far).
ReplyDeleteThe std EW rules are tho that 5 down should usually see a 3 up.
Whether it applies in a distorted mkt is the ?
Note in this - the main waves will control what the intermediate and minor waves will do.
How about your count on NASDAQ MTU ?
And main waves mean the ones from 1932 1966 1974 1982 2000 2008 etc..
Delete