NDX Update: Sunny with a chance of pain?

Over the past many weeks, starting June 3 (see here), I have been looking for the NDX to reach $7500 through completing an impulse wave pattern.  On July 25 the index reached $7511 and reversed hard over the next three days. But, after that quick 2.8% drop to the 50-day Simple Moving Average the index…

Is one more fractal forming on the S&P500?

When we study the hourly chart of the S&P500 in detail we can’t help but notice that two similar patterns, aka fractals, formed off the SPX2194 high. The first is a similar decline, we’ll call fractal 1. The blue and red lines in the price chart follow price’s highs and lows, and when we then…