Wednesday, January 27, 2021 10:30:48 AM
"Is this a minor top or a major top."
http://www.pretzelcharts.com/
"Recent updates discussed that the last decline was most likely a micro fourth wave (of course, discussed while the decline was unfolding), which would lead to new highs in the fifth wave, which could then (by implication) wrap up a larger rally wave (hence the 3/5 label at the projected new high).
Recent update also had the red trend line pegged as "first meaningful support" -- and the market declined to red, then bounced up to new highs, which could thus complete the larger wave. So the question now is primarily whether this will mark a near-term top (for grey 4?) or an intermediate/long term top, if the rally was ALL OF blue 5:"
"In conclusion, the last few updates have been on target... now we simply have to see how it develops from here to determine if this is a minor top or a major top. Note that the red trend line is no longer necessarily meaningful support, and we'd look to the lower blue rising trend line if red fails, then potentially toward 3700-19 if that were to fail... then toward the blue horizontal if that were to fail. Trade safe."
http://www.pretzelcharts.com/
"Recent updates discussed that the last decline was most likely a micro fourth wave (of course, discussed while the decline was unfolding), which would lead to new highs in the fifth wave, which could then (by implication) wrap up a larger rally wave (hence the 3/5 label at the projected new high).
Recent update also had the red trend line pegged as "first meaningful support" -- and the market declined to red, then bounced up to new highs, which could thus complete the larger wave. So the question now is primarily whether this will mark a near-term top (for grey 4?) or an intermediate/long term top, if the rally was ALL OF blue 5:"
"In conclusion, the last few updates have been on target... now we simply have to see how it develops from here to determine if this is a minor top or a major top. Note that the red trend line is no longer necessarily meaningful support, and we'd look to the lower blue rising trend line if red fails, then potentially toward 3700-19 if that were to fail... then toward the blue horizontal if that were to fail. Trade safe."
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