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Thursday, March 28, 2024

After the bell, Update

After the bell, Update

Courtesy of Michael Eckert at EW trends and charts

$SPX chart

Welcome to my nightmare, this is one of the most confusing one day charts I have looked at in quite a while. From afar, the larger counts look like a 4th wave, but the micro count is a REAL mess, almost like an on going "B", or "X" wave, the triangle I have labeled as a-b-c-d-e, breaks the first rule, wave "A", is a five count, we need a 3-3-3-3-3 count for the triangle to be valid.

A simple zig-zag is still possible, but wave "C" needs to be the largest for that count to work.

The other possibility is that we have had a top put in, I have seen numerous counts in the last 24 hours that have a five wave count completed, the micro-counts in them might be off, but at this point I am keeping that option on the table until the impulse count from 1037.63 is invalidated.

One other option, which I had a chart up of yesterday on my public list, is this whole rally counting out as an a-b-c-x-a-b-c, making wave b of B, of P2, an expanding triangle with the a of B ending at 979. This could really surprise the bears if we start heading down to make new lows, then quickly reverse in wave "C" up.

****

See Michael’s longer term chart (below) for the bigger picture:

Michael:  P stands for primary wave.  As soon as P2 ends, we will be in P3, down. P2 is the wave from 666 to the present, P1 was the wave from late ’07, till this year when it finished at 666.  Ilene, I am very-very bearish, as soon as this rally is over we will be testing the lows of the year, and even quite possibily breaking them, wave 3’s are the mother of all waves, very violent and swift.

 

 

 

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