Probing the blue line on the weekly ( similar to the now breached red line on the daily )
Wednesday, February 26, 2020
Wednesday Update (2/27/20)
Squiggle tracking continues
Eying the SMA200 on the daily?
Probing the blue line on the weekly ( similar to the now breached red line on the daily )
Probing the blue line on the weekly ( similar to the now breached red line on the daily )
Tuesday, February 25, 2020
Tuesday Update (2/25/20)
[EOD update]
SPX has only minor and short-lived reaction at the red line. Extended fifth of the fifth on the way down.
Notably, the Dow has closed below its 200 SMA, and overlapped its Sep 2019 high (3021.99 equivalent in SPX).
[Intraday update - 11am EST] As a follow up on yesterday's update - The drop from ATH could be counted as an impulse with an extended fifth wave. Some reaction at the red line looks probable. Note the near term positive divergence.
[Intraday update - 11am EST] As a follow up on yesterday's update - The drop from ATH could be counted as an impulse with an extended fifth wave. Some reaction at the red line looks probable. Note the near term positive divergence.
Monday, February 24, 2020
Monday Update (2/24/20)
[Intraday update - 145pm EST]
SPX cash missed its SMA50 with the gap down at the open. Currently, some reaction at the red line looks probable. The drop from ATH could be counted as an impulse with an extended fifth wave.
SPX cash missed its SMA50 with the gap down at the open. Currently, some reaction at the red line looks probable. The drop from ATH could be counted as an impulse with an extended fifth wave.
Saturday, February 22, 2020
MTU Weekend Ed. - High (2/21/20 close)
Last week, we commented that ES is wedging. Now ES has dropped 2% over two days from its recent high. Whether we track the advance since the October low as an ABC or a WYZ, the wave proportions appear good enough to conclude the pattern. See Chart 1 and Chart 2 below.
The structure of the decline from ATH, however, presents much ambiguity. See Chart 3 for a number of tracking counts.
Chart 4 updates the daily chart on SPX.
The structure of the decline from ATH, however, presents much ambiguity. See Chart 3 for a number of tracking counts.
Chart 4 updates the daily chart on SPX.
Friday, February 14, 2020
Saturday, February 8, 2020
MTU Weekend Ed. - (2/7/20 close)
The new ATH in SPX requires some adjustments in tracking counts. The following scenarios (Chart 1 ABC and Chart 2 Triple-Three) preserves the larger structure (Chart 3). See previous posts for context.
Friday, January 31, 2020
MTU Month End Ed. - Reversal or Larger-Degree Pullback (1/31/20)
SPX tested its SMA50 today (Chart 1)
Last Week (1/24/20) Tracking count from Reversal or Small-Degree Pullback (1/24/20)
This Week (1/31/20), the size of the net decline from ATH, based on wave degree considerations, eliminates the small-degree pullback (green scenario in Chart 2 above, b-down of (z)[e]-up form the red X in Chart 1 above).
Chart 3 below updates Chart 2 incorporating this week's additional sell-off.
Furthermore, the possibility of a larger-degree pullback remains (green scenario in Chart 3 below, [b]-down of Y-up from the grey X in Chart 1).
Chart 4 and Chart 5 update the triple-zigzag or the impulse tracking from the Oct low in ES.
Last Week (1/24/20) Tracking count from Reversal or Small-Degree Pullback (1/24/20)
This Week (1/31/20), the size of the net decline from ATH, based on wave degree considerations, eliminates the small-degree pullback (green scenario in Chart 2 above, b-down of (z)[e]-up form the red X in Chart 1 above).
Chart 3 below updates Chart 2 incorporating this week's additional sell-off.
Furthermore, the possibility of a larger-degree pullback remains (green scenario in Chart 3 below, [b]-down of Y-up from the grey X in Chart 1).
Chart 4 and Chart 5 update the triple-zigzag or the impulse tracking from the Oct low in ES.
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