Ever since the high on December 28th, the tech index formed an impulsive move to the downside ending on January 5th. The 15 minute chart below represents the bearish outlook. An impulsive wave containing a third wave extension with satisfying alternation between the second and fourth waves. The retracement, as of this writing satisfied the depth guideline for a second wave, … [Read more...] about Nasdaq Futures: A Critical Juncture
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Russell 2000 B Wave Flat Correction Near Complete.
I was forced to relabel my interpretation of the Russell 2000 after the July 2023 high was broken. The structure is now labeled as a regular flat primary B wave correction that is either complete, or nearly complete. The next wave down should be rather fierce, as C waves tend to be. Wave C will decline in 5 waves to meet the depth guideline near the terminus of the previous 4th … [Read more...] about Russell 2000 B Wave Flat Correction Near Complete.
The Dollar Invalidates a Bullish Structure
As mentioned in yesterday's post, the low for the dollar had to hold. It wasn't long before the index crashed through the low putting into doubt the long term count we've relied upon for over a year. The next probable market action on the daily chart sports an impulsive A wave down from the September 2022 high. The index spent the time between February and October 2023 carving … [Read more...] about The Dollar Invalidates a Bullish Structure
Bitcoin at or Near a Top
The two nano counts remain unchanged for 10 days. The top count is short term bullish indicating the need for a final last gasp in wave 5. Subminuette wave 4 ended as a double three zigzag to flat combination. The bottom count is long term bearish, indicating a top exists and Bitcoin will continue an impulsive decline imminently. In the bottom count, subminuette wave wave was a … [Read more...] about Bitcoin at or Near a Top
Make it or Break it Time for the Dollar
This is the last chance for the dollar index. The current low must hold or I will be forced to label the move down from the high as an impulse since a quadruple zigzag does not exist. If so, 5 waves down can only be the beginning of something mush larger to the downside. Up to this point the decline could be labeled multiple ways, I've only labeled it as a triple zigzag because … [Read more...] about Make it or Break it Time for the Dollar