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NQ rallied in a nice impulse within a channel. The decline so far is a 3-waver. If it completes a down impulse as per chart, that would mean a matching impulse down, after a bounce. Bearish. Hope for bulls is that this coming bounce becomes a path to new highs. [??]
Interesting… so, AMD on the monthly chart just about completed 3rd waves of several degrees - and is due to trace out a corresponding series of 4th and 5th waves… until it completes the red 3. That should keep it in a predominantly bullish mode for quite some time.
The big red 4 will take time. The red 2 took many years. Thanks, JK!
Historically, large specs are a decent contrary indicator.
Non-commercials' net longs in $SPX e-mini futures up huge, to highest since Dec '18. Holdings as of Tue when index closed at 4567, perhaps believing 4540s support + 50-day (4545) would hold. Dropped as low as 4495 intraday today but rallied to close at 4538. Crucial level. $SPYpic.twitter.com/pxiCrKrytw
A quick view on a 30 min chart. The top, I think, is wave 3 or C. If it goes down from here, the rally was probably corrective. If it consolidates and completes an impulse off the correction lows - well, quite possibly, the correction may be over.
DOW 100 vs. ~10 year fractal. Lots of license and not meant to be too leading -- just saying. While we typically base our narratives on fusions of multi-factor objective measures, one can't help but notice the occasional "whacky" image that helps to clear or cloud the picture! pic.twitter.com/05uFyWXiF2