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DXY: the Dollar completed the abc rally at 94.7 and is now trying to form a B wave. The decline from 94.7 seems to be supporting the equity markets.
There’s an overlap target at 93.5 or so. It might go straight there, or, being a B wave, it might form a descending or sideways triangle.
Once this B wave completes, the higher overlap target is at 95.7, and the move to that level *might* coincide with a final drop in equities.
SPX short term: on the short term chart I’m concerned that the pattern from the 3,210 low can easily be interpreted as a ‘five up’. If so, all bearish interpretations are negated and the market will likely hit a new ATH.
This ‘five up’ pattern needs to be invalidated for the bearish outlook to be the correct route.
SPX: accidentally saw an alternative for SPX. In this scenario, the abc ‘three up’ was correct, but only represented wave ‘A’ of a larger ABC.
If so, there are targets at 3,422 (0.618) and 3,490 (C=A).
The STD trend would appear to be up, so this scenario could play out into Friday.
Also, often the first few days of a new month are positive with new money entering the market, so that would tie in as well.
Too many variables for me at the moment so I’m happy to stand aside and wait for the market to show its hand.
On a last note, today is the start of our five day ‘Chuseok’ harvest festival.
And yes, the tins of Spam gifts are on full display in the shops…
Luxury spam.
Remembering a time when it was a luxury, if not a life saver.
Enjoy Chuseok hatman
Never give up, never surrender.
Good Morning Cimac Hatman Captain et al
Good luck to us all
rgds
Zarif
Small droplets of rain turn into Rivers, Streams and Mighty Oceans
https://www.bbc.co.uk/news/world-us-canada-54381848
Small droplets of rain turn into Rivers, Streams and Mighty Oceans
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