12:16pm EST: The projected target date 1/19/22 was correct except for the fact that the frequency initiated at an inversion point which was just spotted so we got a low target date rather than a high. This may also imply that negative momentum is taking hold in the market as this type of inversion is unusual and could be significant moving forward. - Otherwise resuming normal service and watching other target dates coming up.
Original post-
The high of the potential diamond pattern was called on this post back on 12/31/21. So far it is continuing to print expectations. It should be noted that patterns of this type are only 67% reliable on average. The chances that this one will break up cannot be dismissed even if only partially which is why turn signals are critical at junctures. The market will continue to blind side until a signal prints. Odds for a decline eventually are the most favorable when considering the indicator patterns and wavelength targets. A terminal top is not expected to print until later but the set-up currently could surprise and shake more than a few out of position when it does break.
Also note that each of these declining legs is creating a net attrition in the weekly breadth numbers which is not being reversed on the retrace up legs [beginning around 11/4/21 - which is the date of the DOW recent high].
Our favorite go to site- McVerry Report
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