Sorry, my biorhythms are low today. It's cold and flu season in a lot of places, and some of us are feeling yucky. Then, too, there's a lot of bad news out there (CA wildfires, etc.) and I just didn't feel like doing a lot of work today. But one thing I did want to look at after the New York Composite Index was the "Equal Weight S&P 500" symbol RSP. The daily chart is below.
There are two levels of overlap indicated. Overlap L#1 should prevent us from seeing a fourth wave from the August 2024 high, almost definitely. And Overlap L#2 should prevent us from seeing a fourth wave from the July 2024, as well. Again, that is in this index with less influence exerted from the cap weighting and the Mag 7. I also can't find a good spot yet to create a triangle in this index.
So, we'll have to see how this plays out but one often notes inter-market divergences accompanying a significant high.
Have an excellent rest of the weekend,
TraderJoe
Thank you, this is great and I didn't see it in my chart hunting today. If it's not a C complete this week, I will be surprised. DJI looks very similar to this. Get some soup and rest!
ReplyDeleteThat high looks like a b wave. This latest low is most likely a second, not fourth, wave
ReplyDeleteAugust to October we counted an impulse. We had abc extended flat since the october top. That's the bull take
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