Short term - waiting to complete what ever it is... either the usual double zig-zag or wedge.
Intermediate term - zig-zag testing MA200 and the RSI trend line, next is pullback and higher into July.
Long term - zig-zag(from 2020) for y/B at 9y cycle high 2000-2007-2015-2024.
MARKET BREADTH INDICATORS
Market Breadth Indicators - some turned lower after overbought levels.
McClellan Oscillator - lower high.
McClellan Summation Index - buy signal.
Weekly Stochastic of the Summation Index - buy signal.
Bullish Percentage - overbought level.
Percent of Stocks above MA50 - in the middle of the range.
Advance-Decline Issues - turned lower.
Fear Indicator VIX - retracing lower.
HURST CYCLES
Short term cycles - I am expecting 10w high then lower into 10w low.
40w low right on schedule and now higher into 40w high.
Now what no pullback straight to 6000?….
ReplyDeleteSee November 2015, March 2022, and August 2022 for $SPX monthly chart on how well the above MA curtails upward price movement, usually to a retest of prior low.
DeleteThe "... above MA curtails ..." mentioned above is in comment below this one, for some reason.
DeletePrice will have to fight through and remain above overlying monthly moving averages [Ex. EMA(8,high) per Stockcharts] before that.
ReplyDeleteThere is a weekly gap that needs to be filled from this week's candle at least. I agree on pull back.
ReplyDeleteSpx are going to see the break channels at the top and ndx has a very nice channels from the April button to the top
ReplyDeleteno idea what you mean....
DeleteKrasi, I'll be very happy to your opinion
ReplyDeleteDo you see the market at ATH?
ReplyDeleteThe pattern is not clear too many corrective waves. I have already posted some options:
Delete- Ending diagonal(SPXEW) - https://invst.ly/1aj7n9
- Double top (SPX) - https://invst.ly/1a6pv2
- Zig-zag with impulse c-wave (DJ) - https://invst.ly/1a6p-5
- Combination double top and impulse c-wave to complete zig-zag and currently in iii/5/c
Another idea: this is 20w high since December with 5 cycles de 5w and June will be 20w low with 5 cycles de 5w since January (40w low too, still waiting a lower low next month for C wave )
DeleteExtended 20w high is possible, 40w low and c-wave around 0% probability.
DeleteNow all the genius Twitter gurus are saying double top. They will continue to be wrong.
ReplyDeleteIt is too early for a top July or later.
DeleteKrasi, why wave C for lower low is wrong?
ReplyDeleteBecause the indices are moving higher into 40w high. It is not the time for c-wave rather b/x-wave pullback.
DeleteSo b down, then C up to ATH or new ATH then C down
ReplyDelete