$CMCSA in Intermediate Wave 4 on My Count

While I believe the broader S&P is probably only in a minor 4th wave, $CMCSA is more likely in its 4th intermediate wave. I called for this somewhat bullish count back in February on Twitter and presented a simple technical reason for why (there is an important wave overlap that I had seen at the time). From here, this is what I think: we seem to have a clear 5 waves down off the high, and the divergence suggests that move is probably over. I would expect a counter-rally, followed by a second 5-wave decline. It should stay in the neighborhood of the orange box. Once that correction is complete, it should then rally to its 5th intermediate wave top.

Estimating that is very difficult, and I find generating targets for final waves to be a dangerous business. I prefer instead to simply try to count five waves up. So, we will see how this one goes. My basic call is this: a continuation of the correction for a few more weeks, followed by a five wave advance that takes out the prior high.


Note: When articles are first posted, most of them are made available only to my Patreon supporters (I do try to publish some public posts on occasion). Over time (usually after a period of a few months), I make all of the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page. In a nutshell, Tier 1 members ($20/mo.) get access to the articles, Tier 2 members ($35/mo.) get access to those, plus counts on about 20 other instruments, plus Discord server access.

Leave a Reply

Your email address will not be published.