Buy Buy Buy - Potential Vertical Rally Up into June
There is clearly a sideways wedge on the chart and key support (early April high) is holding the 10 week selling. With this mornings strength it does not look like gap mentioned in previous post will be hit.
There are time relationships in wave structure that suggest a strong rally can start at any time this week. If Full Moon is the low, it would be early in the week. Charts are of orthodox b wave low and a neowave b wave low.
Buying dips, adding into longs. Implications of an ABC running correction (the first chart) are a quick take out of the recent highs in which all three indexes participated... TRANSPORTS, UTILITIES, INDUSTRIALS...3 indexes making new highs isnt a bear market.
There are time relationships in wave structure that suggest a strong rally can start at any time this week. If Full Moon is the low, it would be early in the week. Charts are of orthodox b wave low and a neowave b wave low.
Buying dips, adding into longs. Implications of an ABC running correction (the first chart) are a quick take out of the recent highs in which all three indexes participated... TRANSPORTS, UTILITIES, INDUSTRIALS...3 indexes making new highs isnt a bear market.
posted by chartblog at
10:23 AM
1 Comments:
There is another cycle low around May 23-24.
On the neowave chart, it looks like that low will be the wave 2 of the c-wave up.
There should be another chance to buy in 4-5 days for conservative traders who wish some more confimation that the low is in.
- chartblog admin
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