October 2017

Daily update 10/31/2017: Not much I can add to yesterday’s update as the S&P made little head-way. As long as price remains above SPX2567 and especially SPX2560 we’ll have to continue to look higher to SPX2596 +/- 5p. Below that (SPX2567-2560) and micro-5 of minute-iii peaked short of its target zone (not uncommon for a 5th of a 5th wave).

Daily update 10/30/2017: Today’s pullback on the S&P was 15p and can be counted. The preferred count is shown below with most likely (pink) nano-3 and 4 in at SPX2583 and SPX2568; respectively. This means that nano-5 to SPX2596 +/- 5 should now be underway.

Daily update 10/26/2017: With TWTR up 18.5% today and now AMZN, GOOGL and MSFT up 7.9%, 3.8%, and 3.8% after hours on earnings; respectively the QQQ (ETF that tracks the NASDAQ) is up 1% after hours too. Thus, the ideal standard impulse on the NASDAQ (Figure 1A) continues to be in favor. Price should now be in minute-v of (green) minor-3 targeting around $6765.

Daily update 10/25/2017: Not a daily late, when I post that micro-3 on the DJIA has likely peaked, do we get one of the largest down days in weeks, which felt like a crash didn’t it? But, all the market did was so far comply with the wave count. Remember in the weekend update and restated in the Monday update “for the preferred count the correction should drop the S&P to around SPX2530+/-5For the alternate, more bullish, count the S&P should stay above SPX2540-2545

Daily update 10/24/2017: Flat/consolidation day for the S&P and NAS, whereas the DJIA continued its relentless Bull run. Since the low made in February 2016 (22 months ago) the DJIA has gained 8000 points, of which the last 3100 were gained over the past 6 months alone! To put that in perspective; it took the DJIA 48 months to gain 8000 points off the low made March 2009…

Daily update 10/23/2017: Today the market set a record, with the longest streak of no >3% pullback since 1928 (now 242 days; prior record was 241 days). But, instead of the pop-drop-rally pattern off the last 2 weeks, the market popped and then dropped for the rest of the day. The decline is already 14p long on the S&P -2nd longest since the SPX2488 low- and thus tells us a top has been struck.

Daily update 10/18/2017: Although there’s not much too add since last Friday’s update as the Bulls continue to take the stairs to the next target zone of SPX2564-2571, there’s room to review several indices’ technical setups to see if those (continue to) align with the preferred count/road map (as shown in the weekend update of October 7).

Daily update 10/11/2017: The S&P experienced a 11p pullback, which is almost equal to the prior (bright pink) femto-2 pullback (2508->2496) and made new ATHs since (SPX2455). Hence, I label the correction to SPX2542 as femto-4 and the last wave of micro-3 to ideally SPX2564-2571 is now underway as price has now surpassed the prior target zone’s upper end (2551) by 4p.

My family and I will be traveling to Europe and Russia October 9-22 to visit our relatives, which we haven’t seen for over 2 years. Hence, there will be very few daily updates. Things will return to normal starting October 23. Thank you for your patience and understanding!

Daily update 10/05/2017: The melt up continues and without a >10p pullback it is hard to determine what wave currently is underway. So, we’ll stick to what we have so far until proven otherwise. Price has now reached the next target zone of SPX2539-2551 but can still extend further to SPX2564-2571. Hard to foretell with such extreme extensions.

Daily update 10/04/2017: Price marched through the “SPX2531-2536” target zone and thus the “possible and unforeseeable wave-extensions.” I’ve mentioned in the past updates are underway. The 1-minute chart of the S&P shows that since the SPX2496 low (bright pink femto-2), there’ve only been 3-4p pullbacks. Today was a 6p pullback and since femto-2 was 12p, I’d like to ideally see a >10p pullback as well to confirm femto-3 has peaked

Daily update 10/03/2017: Price has now reached the ideal target zone of “SPX2531-2536”; but since femto-2 was >10p (SPX2508->2496) and there’s not been an >10p pullback (today’s pullback was only 3p…) it appears most likely that femto-3 is still underway. I expect it to reach SPX2536 and then we should ideally see an >10p pullback back…

Daily update 10/02/2017: On Friday the S&P gave us the all clear by crossing above SPX2529; the cut off for the last remaining b-wave count. In the weekend update I was then able to provide a detailed path forward, which has worked out so far; see figure 1 below. Bright pink femto-3 is wrapping up, with a ~10p pullback for femto-4 around the corner