The market cleared the 50 day SMA today and is working on what appears to be an extended wave 3. Now whether that is wave 3 of c or 3 of 3 is to be determined.
The inverted h/s continues to play out and as highlighted on the bull option, is looking for a 1400 target.
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| Bull |
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| Bear |
For my bear option, I have removed the wave [4] possibility since there is a clear [4]-[1] overlap with the old count. The alternate that I had on this chart takes priority.
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| McClellan Osc |
One thing I have not seen others mention is the 78% Fib retrace target at 1390. This would be something to expect even if one were to buy into the bear count here since we know that markets tend to retrace towards the 78% retracement zone out of a diagonal or wedge for this matter.
That is a solid move on the McClellan
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| Similarity |
This chart continues to work. Note the last time the market hit point [1] where the McClellan reading was. We are just about there now. We'll see.
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| Ultra Bull Option |
I posted this ultra bullish counts a few weeks ago. I haven't updated it since until the red line was breached, which happened today. So this is something to consider and watch once again.
