Gun to the Head, I Would Guess This

Though I will remain hedged against terrible outcomes for a while (just in case), here is how I am inclined to interpret the last two days’ price action.

Yesterday was arguably a leading diagonal. And today, a fairly clear 3-wave decline. The top of the orange box is where purple “c” = purple “a,” giving the decline “equal legs” (so far). That also happens to be the 50% retracement of the advance made by the leading diagonal yesterday.

So long as that holds, it does look good as a “1-2.” And so I am inclined to believe that it is, at least for the time being.

SPY

I do hope we resolve to the upside and enter a trending market soon.


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 weeks or so), 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, patrons of any denomination (you get to pick the amount) will be able to read my weekend analyses, Tier 1 members ($20/mo.) get access to all of the articles I write, and Tier 2 members ($35/mo.) get access to those, plus counts on other instruments and my Discord chatroom.


One thought on “Gun to the Head, I Would Guess This”

Leave a Reply

Your email address will not be published. Required fields are marked *