Tag: $X

Three Charts That Make Me Think We’re In Something Entirely New

dereckcoatney1 Comment

About a year ago, I detected a fundamental shift in a few names that I felt might give us clues as to where we’re going. I want to revisit that thought today.

What you saw in that tweet is a breakout that may signal a major shift in the economy as we’ve known it. Perhaps it is a shift in the nature of globalization brought on by the pandemic.

But, in each of these cases, these major US manufacturers all did something interesting. Their stocks have been in declines in some cases for decades but then that may have now all of sudden changed. It appears to me that they have all broken trend. Their trends have been down, and they have been so during the long period of the decline of US manufacturing. However, if their trends have now changed (institutions know what’s coming before we do, and they play the long game), then perhaps the decline of US manufacturing is also changing.

Some examples.

$GM, despite not quite looking like it’s been in a downtrend, it is, in a phantom way, as their shares pre-GFC were in the 70’s. That said, the rally from the COVID lows is the first time it’s produced a strong impulse wave in many, many years. And, it’s returned to the 61.8% retracement of that advance, which makes it an excellent candidate for a wave “2.”

GM

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$X May Produce a Significant Rally

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$X came to the 61.8% retracement of its last move up to the tick into the close today. On my interpretation, it is poised for at least one more leg up to complete the structure from the March of 2020 lows.

If it has completed minor (green) one and 2, we may expect minor 3 to target the orange box over the next few months.

X

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.