Possibilities. 1) Wave 4 is over, Wave 5 has started, 2) Wave 4 AB is complete, Wave C in progress-Triangle, 3) Wave 4 AB is complete, Wave C in progress-Flat, and 4) Wave 4 AB is complete, Wave C in progress-Sharp and Head n Shoulder.
Komen
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Pennant Formation. Closed above trend resistance line
Komen
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Komen
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Busted trend resistance of triangle
Komen
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Need to clear the ugly head.
Komen
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Since 2000, all the major highs and lows for the major indices have matched. Based on this, I can confidently declare that both the DOWI and the SPX have finished their wave 4 corrections and have embarked on wave 5 up.
Komen
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The primary count is voided because wave (iv) has now encroached into wave (i). The other corrective count still possible is to treat the present uptrend as wave 2 of 5 of C. But that is only about 3 points shy of been voided as well since wave 1 of C is only 3 points longer than wave 2 of C.so it is becoming clearer that the Alternate count has become the primary count which is the current uptrend is wave 3 of 5.
In January 2000 the DJIA made its top at 11750.20 while the NDX did not make its high of 4816.24 until March 24. However, 17 market days later the NDX was at a low of 3107.42 (35.5% lower).
Will_Wong
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@msamal316, the point I am trying to make is that when one indice makes an ATH, the other indices eventually followed. What comes after a peak? Usually it is valley.
Will_Wong
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@msamal316, if you look at the correlation chart, your point is captured in a wider window in 2000. My point is to show that the 4 indices do move in tandem. One ATH will be followed by another ATH from the other indices. Is it worth being long for 17 days? That is another discussion for another day.
redapple2017
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Awesome!
hankchef
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fantastic chart!
Will_Wong
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@hankchef, Thanks! Now it needs to clear that ugly head to be rid of the HnS threat.