• 747 days Will The ECB Continue To Hike Rates?
  • 747 days Forbes: Aramco Remains Largest Company In The Middle East
  • 749 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,149 days Could Crypto Overtake Traditional Investment?
  • 1,153 days Americans Still Quitting Jobs At Record Pace
  • 1,155 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,158 days Is The Dollar Too Strong?
  • 1,159 days Big Tech Disappoints Investors on Earnings Calls
  • 1,160 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,161 days China Is Quietly Trying To Distance Itself From Russia
  • 1,162 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,166 days Crypto Investors Won Big In 2021
  • 1,166 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,167 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,169 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,169 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,173 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,173 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,174 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,176 days Are NFTs About To Take Over Gaming?
Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

  1. Home
  2. Markets
  3. Other

SPX: Follow Up of the Short Term EWP

Despite Friday's Engulfing candlestick, yesterday bears did not achieve an impulsive decline from Friday's hod therefore now odds favor a larger corrective wave (B) off the October 26 lod. This is what the weekly SPX Inverted Hammer was suggesting.

SPX Daily Chart
Larger Image

If price is unfolding a countertrend Zig Zag then the equality target is at 1439.12 while the 0.618 retracement of the down leg off the October 18 peak is at 1440.81.

A Zig Zag requires an impulsive up leg off yesterday's lod.

As I mentioned in the weekend update:

"It is an irrefutable fact that the bounce off the October 26 low is corrective hence even if price has not established yet the top of the wave (B) this move will eventually fail."

Therefore I am still expecting a wave (C) down that should complete the Double Zig Zag off the September 14 high.

I guess that we have to wait for the result of the US Presidential elections in order to have a clearer view of how the short-term pattern will resolve.

Let's watch AAPL since yesterday's Harami Cross candlestick suggests a potential short-term bottom.

If price recovers above the 200 d ma then price could fill the gap at 604.

AAPL Daily Chart
Larger Image

 

Back to homepage

Leave a comment

Leave a comment