June 2017

Daily update 06/29/2017: Well, do we have to take this market day-by-day or what? Whipsaw-city my dear members, and when in doubt; please stay or get out. Is all hopes lost for the Bulls? No, Figure 1A shows the Bulls last hope for a minor-3, 4 count on the S&P500, where minor-1 is the SPX2404 high and today’s low didn’t invalidate it.

Daily update 06/28/2017: Did the Bulls once again manage a stick safe and turn the tables? Like I said last week “we have to take this market day-by-day” and today again may have turned things on its head. Trust me I wish there was more certainty, but there’s currently not and we have to content us with that

Daily update 06/27/2017: Let’s get straight to it as the market has pretty much only two options left: either minute-c of minor-4 (see Figure 1A) is underway targeting as low as SPX2413 or major 3 topped, 30p short of the ideal SPX2485-2500 target zone (see Figure 1B).

Daily update 06/22/2017: Yesterday I mentioned “The only Bearish count I can see is that major 3 topped at SPX2354 on Monday…. I therefore treat the “major-3 as a possibility” as low.” Seems like talk of the day is/was on the blogosphere/emails/tweets and other social media outlets: “did we already top (prematurely)?

Daily update 06/21/2017:  Yesterday I mentioned “Given the late-stage of the current Bull, we’ll have to take this market day-by-day. Guarantees are getting slim, especially now that the possible counts become more than 3 and knowing which the predominant one is getting trickier to say the least. Not to mention that the market can switch count at a moment’s notice… “.

Daily update 06/20/2017: Yesterday I expected micro-3 of minute-v to reach “around SPX2356, then a ~10p drop for micro-4 to SPX2346, to be followed by micro-5 to SPX2361 or ideally SPX2374.”. Well, SPX2354 was all she wrote. Close enough?.

Daily update 06/19/2017: Well, SPX2416 was all she wrote and I’ve be reiterating often enough for people to know that as long as that level held, and especially SPX2406, there was nothing to be bearish about. True to form, the S&P500, DOW and NYA rocketed to new highs today

Daily update 06/15/2017Today the market threw a curve ball, but as said yesterday “A break below SPX2416 without making new highs first jeopardizes the Bull count.” Today SPX2416 held, and we may in fact be dealing with (another) flat correction: minor-4 (SPX2416-2444-2418).

Daily update 06/14/2017: Volatile day today due to FOMC meeting minutes and Yellen speech. However, in the end the S&P500 managed to find support in the noise box zone on the 1 min chart (SPX2428-2436) and close 2p above it.

Daily update 06/13/2017: Since yesterday was a flat, overlapping, inside day the next direction was hard to forecast and an update was not necessary. Today’s price action on the other hand cleared things up and an update is warranted. Namely, price on the S&P500 broke above Friday’s intra-day bounce high of SPX2432, and also moved back above the “noise box”: see Figure 1

Daily update 06/08/2017: Today the S&P500 provided us with a false breakout: it rallied over SPX2336 to SPX2439 only to drop back to that pesky SPX2428 level and inside the noise zone. This tells us we most likely have a flat-correction under way, which is rather typical for a 4th wave

Daily update 06/07/2017 : Today’s update can be short and sweet, as price again ended flat and because tomorrow we’ll have the ECB meeting, Comey testimony, and UK elections, which should bring more clarity to the current mess we’re dealing with.

Daily update 06/06/2017: Yesterday I showed that a break below SPX2435 would target SPX2430 based on symmetry. Today we got SPX2428.12. Not shabby. This made it the next quantifiable wave as the decline is now 12p. As such micro-3 is likely in at SPX2440; 5p short of my ideal target.

Daily update 06/05/2017: Very little to add to this weekend update. The 1 minute chart below shows price has been stuck in a 5p range the past 1.5 trading sessions (SPX2440-2435) and a break out targets –based on symmetry- SPX2445 (our ideal micro-3 of minute-iii of minor-3) target, whereas a breakdown targets SPX2430.

Daily update 06/01/2017: Today the market rallied to new ATHs and my preferred count keeps tracking the market the best: I see no more reason to believe this is a b-wave up as it acts too impulsively. Nano-v of micro-3 of minute-iii of minor-3 of intermediate-v is now confirmed and reached our ideal SPX2428 +/-2p target today