Commentary and chart analysis featuring Elliott Wave Theory, classic TA, and frequent doses of sarcasm.
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Wednesday, May 22, 2024
SPX and Oil: No, I Didn't Forget!
Monday, May 20, 2024
SPX Update: Try This ONE TRICK to Lose Weight FAST
No material changes since last update:
Last update concluded:
In conclusion, with SPX's target capture, things do feel a little trickier again, despite the fact that, at the moment, I'm inclined to lean toward the idea that 4/5 up are still needed. But that's certainly not a given, so we'll see how it develops.
So far, there have been no earth-shattering developments, so no change there, either. Trade safe.
p.s.- The title was just an effort to make fun of internet clickbait. The ONE TRICK is to eat less, just so nobody can say the title was false advertising (wink emoji).
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.