Short term - RSI looks like triangle in the middle so maybe zig-zag with running trinagle b-wave in the middle.
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. Monthly chart - every surge higher ends with broken RSI trend line, one more high with divergence and correction. This time is NOT different this is the high after the broken trend line. The big problem this high will complete double zig-zag from 2009 with double RSI divergence and the correction will be of a higher degree with target MA200 around 3000..... or you can ignore it and continue live in a fantasy world where this time is different.
MARKET BREADTH INDICATORS
Market Breadth Indicators - look like it is time for a pullback.
McClellan Oscillator - lower highs.
McClellan Summation Index - buy signal.
Weekly Stochastic of the Summation Index - buy signal.
Bullish Percentage - slightly above overbought level.
Percent of Stocks above MA50 - slightly above overbought level.
Advance-Decline Issues - pointing lower.
Fear Indicator VIX - moving lower.
HURST CYCLES
Short term cycles - now close to 10w high and next should be decline into 10w low.
40w low right on schedule and now higher into 40w high.
That ~3,000 SPX long-term projection would sure blow a hole in Neely's "... the October 2023 low will not be broken for 50+ years ..." mantra. Get your popcorn ready.
ReplyDeleteCan you give us the link to Neely
ReplyDeleteNeely has even thrown in the towel on his bear market prediction, heading new highs now
ReplyDeleteToday's gap lower and then move up was very bullish. Likely move higher again tomorrow. This bull market shruggs every bad news off. Unbelievable that moodys downgrade did nothing
ReplyDeleteRetail doesn't care about Moody's. They are the buyers here, not funds
DeleteThank you
ReplyDeleteHello Krasi
ReplyDeleteMy name is Furkat, I'm a self-educated elliottician.
Could you please text here your email address? I'd like to discuss a couple of questions with you as a colleague and probably via the dialogue we could find some opportunities for cooperation.
I would really appreciate time and consideration you may give me.
Thanx in advance!
I would not post my email because there is plenty of trolls posting all kind of insults and I do not want my email full with such crap.... that is why the comments are moderated.
DeleteHello Krasi
DeleteThanx for the reply!
Surely I understand your position. I have no intention to insult you or disturb you with useless questions or comments. My address to you carries purely professional character (my questions are about charting and timing). The reason I ask you to communicate by email is that I'd like to discuss charts at a deeper level, not just leaving some comments here. I need your feedback as a pro. There're very few specialists who have right clue in timing factor, that's why I wanted to exchange some opinion with you.
I leave my email here. If you're intersted and don't mind, please text me yourself. I'd really appreciate an opportunity to communicate in person!
autobiography1980@gmail.com