Thus, if the upside is corrective, the downside is the leading direction. That is in and by itself still corrective price action. Regardless of what we may think of the FED, we are still left with only three (green) waves from the March 13 low to the March 22 high. Our primary assessment was correct, as the index continued to rally to SPX 4040 on the FED’s decision to keep raising interest rates to fight moderate inflation while the banking system is crumbling under these ever-increasing rates. The index will then have to break above the February high to confirm black W-c is underway, which could rally to as high as $4500+ for a standard c=a relationship” Besides, the index reached the upper end of the red target zone where red W-c = W-a.Thus, a move back above the green W-1 low at $3980 will tell us the current decline is over. … This, in turn, tells us red W-c/y can be considered complete. Namely, two weeks ago, we found using the Elliott Wave Principle (EWP), “… there are enough waves in place to consider green W-3, 4, 5 complete. Still Only Three Waves Up From the March 13 LowĪllow us to refresh your memory.
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