NYA, READY For the Next FLAG-BREAKOUT, Major EXTENSION!

Hello There!

Welcome to my new analysis about the NYA, NYSE Composite Index on the Daily Timeframe Perspective. In the recent times the stock market did not showed up with a massive bearish inclination to the downside and bearish pressure unfolding due to stabilization dynamics that are still holding on within the market. Although not every stock within the market is bullish there are signs in sector stocks and stock indicies which are worthwhile to consider and especially in this case I detected a major formation developing now within the NYA, NYSE Composite Index.

As when looking at my chart now the index is still trading within this massive paramount uptrend-channel in which it has a substantial support within the lower boundary as the index already bounced several times within the index and already completed several bull-flag-formations pointing to a solid structure from where further continuations with consecutive highs have a high potential likelihood. What is also building a major support for the index within this range here is the demand zone marked in green in my chart, this zones builds a coherent support as the index already bounced several times within there.

Right now, the index is building the next bull-flag-formation marked in blue and as the index is finding support within the 100EMA in blue as well as the 200EMA this is building a twofold support here. Once the index has formed the breakout as it is marked this will lead to the final wave-setup to be the origin of the wave-E-Extension within the major wave-count reaching from A to C, therefore it will also be the origin of the wave C within the preeceding large wave-count-structure. This means that once the setup has shown up the first target-zone is within the orange level and above that the orange target-zone in the upper boundary of the large channel.

In this manner, thank you everybody for watching the analysis, support from your side is greatly appreciated.

VP

Comment:

ANALYSIS UPDATE: The NYA INDEX formed the breakout above the upper boundary, completed the descending triangle, and activated the target-zones.

Comment:

NEWS UPDATE: An massively decreased U.S. CPI is easing the market into a bullish sentiment and could be a origin for major volumes to increase.

Comment:

ANALYSIS UPDATE: The NYA INDEX continued with the initial breakouts to now bounce within the major Demand-Zone setting up the next major wave-expansion.