2:14pm EST: A long-term and local time frame wavelength study is indicating the retrace could top around 3/4/22 +/- 1 [to be determined] date zone and continue to decline into 3/21/22 [to be determined by a wave count in the current down leg]. Turn signals may print at the end of this retrace leg up but this far down the structural decline may not print a clean market up signal until after the final bottom prints.
12:11pm EST: Double-checking the wavelength using the formula for a market low date is calculating to today's date +/-1 so that leaves tomorrow for a technical completion. A turn signal up in the market will be expected to follow soon after. Other critical indicators seem to be supporting. This leg is one of several in the sequence of the diamond and more structure is likely to print going forward. If a successful turn signal materializes, the next leg up could move towards the center zone of the diamond or more. A difficult turn is required to occur first. The threat of more downside is likely even with a retrace up.
The projection marches on unhindered. Technically it is now count #10 of 9 on the waves [ 9 +/- 1 tolerance = 10 still valid]. Signs of continuing into weekly closing through Friday. Breadth on weekly may be showing a leaning towards positive divergence as new low prices print. Likewise, inverse vix is showing a developing positive divergence. A turn signal [mkt up] somewhere near here is still expected. A longer time-frame through Sept '22 / mid-'23? is still in focus. Major tops take a very long time to unwind. Put-call ratio is not showing distress beyond an elevated status which is not a positive in this set-up yet.
See this post for original longer term projection regarding the diamond pattern. [lower chart on page that opens]
Flags will be posted here when a top is detected. (1/25/20, 2/20/20)
This Information Is For Entertainment Purposes Only. Financial Loss Can Occur From Investing.
Our favorite go to site- McVerry Report
No comments:
Post a Comment