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DOW: I am concerned that there is a large difference in projected bounce and downside between DOW and NYA. Doesn’t look right to me.
Recalculating for the DOW one can take a C=0.618 and project that upwards from the overlap at 24,785 giving 26,515. That then matches the NYA.
Very likely there is some sort of triangle or flat thing in store as shown on this chart. If so there will be multiple selling opportunities before wave C.
This is all guesswork of course but at least its a plan to monitor.
Germany, France and Belgium in full lockdown for a month, now followed by England.
100,000 new cases in America yesterday and accelerating.
Italy and Spain also seeing cases rise.
In the face of all this I cannot see markets rising and surely the economic damage will cause lower stock prices.
DXY: the DXY has risen again as equity markets fall. The target remains the overlap at 95.7 but it can’t get there with a straight c=a. It might form a flat thing or triangle – that would also fit with a possible triangular b wave thing in the DOW and NYA.
Might not happen at all of course.
Hola all
Phew just managed to get on the Kpad
watching election night antics
Good luck to us all
rgdfs
Small droplets of rain turn into Rivers, Streams and Mighty Oceans
NYA: strong rally while I was away on hols. Stronger than I expected.
For the NYA it’s *possible* that the big rising wedge continues with the current move being a five to the previous ‘perfect’ target of 13,450. Difficult to tell. This certainly looks and feels like a five, and interestingly c=a at exactly the 13,450 target.
Currently at 13,200 so it’s close.
Close-up of final abc. C=A at 13,450 which is also the target for the big rising wedge.
NYA: the route to 13,450 continues, and unless something else happens I have to assume this is what the market wants.
13,450 is about 1.88% above todays close.
DOW: the DOW and SPX seem to be following a different route compared to NYA.
For the DOW there’s a possible expanded flat B wave where c=a at 28,660…
SPX: for the S&P I’m counting the same expanded flat thing as for the DOW.
Target for a five wave ‘c’ is 3,570 which is almost a double top.
Great charts and analysis David. I honestly was convinced of 3100 but they did all in their power to undershoot twice and make it into a W.
That W is nearly complete, so I hope we can now carry in down sub 3200.
Frankly I am amazed by its strength through all the recent news and elections.
They even questioned yesterday if more stimulus is needed. Yet it has apparently gone up on stimulus hopes bless.
Plan your trade, trade your plan!
NYA: I’m looking here for a ‘pop and drop’ situation.
The target for completing the ‘big rising wedge’ is 13,450. Whether it will get there remains to be seen. A sharp markup following the election result is a likely sell.
The final ‘five’ I’m showing on the chart isn’t perfect. But there are no overlaps so one must assume a five.
This from Martin Armstrong:
“Trump is not conceding and this will end up in the courts. We still see the target being the week of November 23 and then Panic Cycles come in December.”
For the panic cycles in December, I’ve seen a number of reports about imbalances in the options market for December, reminiscent of the same imbalances that caused the ‘flash crash’ in December 2018.
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