My primary scenario is that ES is in a corrective wave X up: The first argument i favor of that scenario is that the preceding decline had a clean Double Three structure (in a yellow box): Another reason why I focus on that macro “3-3-3” structure is that this rally…...
Yesterday I posted a macro chart that argued that gold miners ETF GDX made a lasting bottom: In the macro update I conclude that we may be watching start of a new strong rally in a wave ( 3 ) up. On that micro 60 min chart (above) you can…...
To keep alive the bearish setup under the completed Expanding Triangle scenario bears had to keep ES at all times under 3,786 (a support turned resistance). They failed to defend that level and bulls managed to make a higher high. That move up invalidated the Expanding Triangle scenario that argued…...
Crude Oil still holds inside the bullish looking descending wedge: That move up into the upper egde of that wedge can be counted as a micro wave -i- up, to be followed by a corrective a-b-c pullback in a wave -ii- down. If bulls manage top push Crude out of…...
On Tuesday, 4 October 2022, Bitcoin managed to make a higher high and by doing that it met minimum requirement for subwave c up of wave (y) of (ii) up. That corrective structure is shaped as the Double Three structure. Note that the rally stopped right at 50% retracement of…...
NQ completed a corrective Expanding Triangle on Tuesday: NQ 240 min chart The “Expanding Triangle” pattern is widely known as “Megaphone” or Broadening Formation/Consolidation. It is composed of five subwaves a-b-c-d-e where every new move is larger than the preceding one. The pattern gets concluded with the largest move up,……...