And Just a Couple More Things to Point Out

We may count the greater structure as a “Triple Three” correction (discussed here), but it is still also possible to count it as a simpler, 3-wave structure. One reason to do so is this terrific fib relationship that we hit today on the kisser:

SPX

On this more straightforward count, Yellow “c” is 1.272 times the length of Yellow “a.” A nice picture if this is complete. It’s ultimately immaterial whether it’s a triple 3 or an a-b-c, if it’s done, it’s done.

We certainly have sentiment right where it needs to be, etc.

There is long-term divergence in breadth versus price:

BREADTH

We did manage to get a VIX Bollinger Band reversal buy signal today.

And if this is an accumulation, it can often end with a “spring,” which is a violent move lower to scare the bejeezus out of everyone:

SPX

And today’s BOE announcement could have been the excuse for that. Also we still have things like the dollar (discussed here), which may be putting in a macro, multi-year top.

Though I am open the the various bearish counts (they are the most sensible ways to try to count this decline, given the apparent macro environment), my belief that it is consensus to expect a full-blown 5-wave move lower from here disinclines me to it. Hell, if 10/5 was a big “4” (for instance you can look here for that), all you need anyways for the “5,” is a new low, and we got that. So, even on that bearish count, it can be complete here. So let’s see!


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.


3 thoughts on “And Just a Couple More Things to Point Out”

Leave a Reply

Your email address will not be published.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