I don’t have anything to add to my longer-term views, but I have a few things I can discuss locally.
First, the S&P 500 may have finished what could be a technically perfect impulse wave today:
This may be a leading diagonal for red 1, a running flat for red 2, a short 5-wave rally this morning for red 3, then a triangle 4th wave for red 4, with a final nudge up there for red 5.
Then from that, we have
On which we have so far found support. And that trend line support late in the session corresponds to this trend line on the VIX:
So I think things look good for now.
We shall see very quickly if this is right. I’ve got plenty of things that confirm this sort of possibility, several stocks, etc. I won’t pile in a ton of those examples here, as I’ve harped on them to death in the Discord. But, if you’d like some examples, please do ask (I don’t want to make the articles so long that no one will read them).
I hope everyone has a lovely weekend. I think the setup is good here. And we’ll see!