Commentary and chart analysis featuring Elliott Wave Theory, classic TA, and frequent doses of sarcasm.
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Friday, May 17, 2024
SPX and BKX: SPX Captures Upside Target
Tuesday, May 14, 2024
SPX and COMPQ: The Early Years
Monday, May 13, 2024
SPX Update: It Took More Than 50 Seconds to Think Up This Title
Thursday, May 9, 2024
SPX Update: Patients with Patience
Wednesday, May 8, 2024
SPX Update: MacArthur Park in the Driving Snow
Last update expected bulls would follow through, and they have, so far, since capturing their first "Bull: 3" target from April 26 (5200-20). Again, I didn't need to even move the label, which is nice, since it saves me approximately 6.39 seconds of work, which really adds up over time and -- if I can amass enough of these -- may ultimately allow me enough extra time for one last leisurely cup of coffee at the end of my life. Hard to put a price on that.
As the chart above discusses, the most likely (not guaranteed, of course) pattern is still the bull pattern, which suggests we're in a small fourth wave correction now, but that SPX will go on to form an impulsive rally wave that ultimately targets 5290-5340 (okay, that target isn't on the chart because I ran out of space). As also noted, bears are not completely without options here at the infamous, if minor, Bull: 3 Inflection, so we'll stay on our toes just in case any declines start to appear impulsive. Trade safe.
Monday, May 6, 2024
SPX and COMPQ: The Ballad of Spiro Agnew
Friday, May 3, 2024
SPX Update: Right Said Fed
So, this is a do-or-die moment for bulls and bears. If bulls could turn it back up over this week's high, then they could have a bull nest underway and launch a strong rally. If bears can keep pushing lower and break 4953, then they will be getting into the ballpark of a possible impulsive decline, which could signal a larger trend change. The upcoming sessions could thus be important for setting the intermediate tone of the market.