Commentary and chart analysis featuring Elliott Wave Theory, classic TA, and frequent doses of sarcasm.
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Friday, July 26, 2024
SPX, INDU, COMPQ: Another Target Capture
Wednesday, July 24, 2024
SPX, INDU, COMPQ: Upside Targets Captured
Last update anticipated that no matter what pattern SPX was in, it would likely head toward two possible targets, both of which it then captured before reversing:
Futures are suggesting a new swing low for SPX -- if that holds and if COMPQ does the same, then COMPQ in particular is going to start to look pretty impulsive off its suspected wave 5 high:
INDU has been the market that's causing misgivings, but if it can overlap the black line, and especially the red line, it's going to have a more bearish technical look (though then we'll have to worry about the ATH as a b-wave, we'll burn that bridge when we get there).
In conclusion, SPX captured its upside targets and reversed. COMPQ hit noted resistance and reversed and will start to look impulsive with a new low. INDU is still a bit of an outlier, but maybe that will resolve soon, too, we'll see. Bears do still need to sustain new lows in COMPQ and SPX first, though. Trade safe.
Monday, July 22, 2024
SPX and COMPQ: Inflection Zone at Friday's Low
Friday, July 19, 2024
SPX, INDU, COMPQ: Three Charts and the Truth
Wednesday, July 17, 2024
SPX, COMPQ, INDU Updates
- On the one hand, there are potentially enough waves up for a decent correction to begin from here.
- On the other hand, the various indices all seem to be doing their own thing, so one can see whatever one wants to, based on which market they pick and their preexisting bias.