EOD: Market hit a small oversold ratio which leaves room for another strike higher next week but it may not be much higher and the potential decline count is now approaching 15 +/- 1. Previous decline count potentials were '12' [1/13/22] and '9' [2/10/22] so this is looking higher degree. The alternate is that we keep going down without any more turn signals. That seems less likely - another possibility is that next week sees more down as the closing numbers are saying more of the same [down]. Then perhaps another attempt higher meanwhile adding more numbers to the count. Then comes the turn signal [market down] with an even larger time span on the decline. We shall have to see how much.
2:47pm EST: FORGET THE NEWS CYCLE AS FAR AS THE MARKET. We are all hoping for better news, of course but the market is fixed in frequency and wavelength and it is not saying 'go time' yet for moves higher [option for one more small move perhaps on Monday- and that would fit an even larger micro-count inside the decline]. Some inventory gaps are not yet completely filled and that would also fit with one more push up to finish the waves.
Witness the opening pop and drop that main stream media attributed to something 'said' by a foreign govt. leader. No, that's not it but there was a frequency alignment exactly at that time coinciding with a wavelength micro target. The market is not driven by news other than the occasional whipsaw. Nothing humans do or say changes the frequencies [as disturbing as that may seem to some of us, it is demonstrated time and again]
Original post:
Nothing fundamental has changed- still in the target zone and now closer to a couple of date frequencies that often are in proximity to a turning point. More days up were expected to increase the overall decline count when it arrives and to complete the associated indicator criteria. There is the option for one more strike higher after today's highs are hit but time is running out and the longer the retrace attempt, the more downside days will be added to undo all that inventory that's being bought.
Chart is from a couple of days back but only whipsaws since then and the pre-open print is still in the expected zone-anything much higher will be a bonus when it does let go. Inventory gaps are the attractant currently, once they are filled, there won't be much to hold it up. A turn signal down will be the cue. Week-ending often brings in short term buyers particularly around date frequencies when some optimism shows up.
Most likely- after this next low hits, a fairly decent-sized reaction back up to mid point on the diamond is expected going forward as a weekly positive divergence is developing on breadth. Once the mid-point +/- is attained later this year, could be some fireworks unless the structure morphs into something else prior to Sept '22.
Mid '23 is also on the wavelength charts but not sure if that is a new ath or a lower high from a retrace attempt after the diamond lets go and hits it's downside targets.
Commentary: please, if you can, try to send anything to help those under attack right now. Thank you.
This Information Is For Entertainment Purposes Only. Financial Loss Can Occur From Investing.
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