Since its ATH, SPX has likely seen 3 waves down and 3 waves up so far.
A potential base channel since the Oct 2022 low is now well defined. SPX is currently probing this base channel high.
If the advance since Oct 2022 is indeed an impulse, SPX should rise comfortably above this base channel.
If the advance is corrective, the base channel should be a formidable resistance.
SPX is also balancing out the down move 10 months. Jan22-Oct 22 = end July 23. If its relevant at all.
ReplyDeleteMy SMAC review.
ReplyDeleteSPX saw an approx 200pt rise from 16 Jun when it turned up to its peak last week. Proving it has some validity. Certainly the trend was not net down in the time window.
SEE
https://market-timing-update.blogspot.com/2023/06/mtu-weekend-ed-resistance-and-channel.html
https://market-timing-update.blogspot.com/2023/07/mtu-weekend-ed-structure-ii-72123-close.html
This is consistent with the latter part of the pattern seq from the May low zone.
My DJIA SMAC is close to reversing down now too.
DeleteThe EW Pattern seq on US indexes seem to indicate an orthodox low in May (price levels to May do not show this due to distortion). Which means so far a 3 wave advance has occurred since then.
ReplyDeleteThat low being on the same angle as the Oct 22 low.
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