Friday, March 01, 2019 11:06:06 AM
Witty Yet Germain Update Title Goes Here
http://www.pretzelcharts.com/
"Last update suggested that SPX might need another near-term wave down, and that wave down then materialized later in that session. That now creates the appearance of a three-wave structure from the most recent high to the most recent low. Three wave structures are generally corrective in nature (for example, an ABC is three waves -- and, of course, those waves are labeled as Wave A, Wave B, and Wave O, for "OMG this market!" Wait, I mean Waves A, B, and C, for "Crikey, this market!")
Let's take a look at the most recent SPX chart:"
"Ha ha, just a little technical analyst humor there, designed to elicit angry responses from the type of people who are offended by everything they read on Twitter. (Now I just need to post this on Twitter, which I keep meaning to use but almost never do.)
Let's take a look at the real chart now, which, in many places, looks basically the same as the one above. We can see the new blue channel has held the recent decline:"
"In conclusion, there appears to be a three wave structure heading down from 2813 to the most recent low, which suggests that the rally isn't over yet. Bears could get a more complex correction, which would test the high then dip below that low, to work with, but it would likely still be "just a correction" (not a prediction, by the way, just an option to be aware of). Trade safe."
http://www.pretzelcharts.com/
"Last update suggested that SPX might need another near-term wave down, and that wave down then materialized later in that session. That now creates the appearance of a three-wave structure from the most recent high to the most recent low. Three wave structures are generally corrective in nature (for example, an ABC is three waves -- and, of course, those waves are labeled as Wave A, Wave B, and Wave O, for "OMG this market!" Wait, I mean Waves A, B, and C, for "Crikey, this market!")
Let's take a look at the most recent SPX chart:"
"Ha ha, just a little technical analyst humor there, designed to elicit angry responses from the type of people who are offended by everything they read on Twitter. (Now I just need to post this on Twitter, which I keep meaning to use but almost never do.)
Let's take a look at the real chart now, which, in many places, looks basically the same as the one above. We can see the new blue channel has held the recent decline:"
"In conclusion, there appears to be a three wave structure heading down from 2813 to the most recent low, which suggests that the rally isn't over yet. Bears could get a more complex correction, which would test the high then dip below that low, to work with, but it would likely still be "just a correction" (not a prediction, by the way, just an option to be aware of). Trade safe."
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