We're now getting a confirming signal that last week's top was at least a local top. Primary analysis (in Blue) however, because we did not make a new high in the SPX like the DJIA and NDX, the black (B) wave count is a valid EWT count. I do not favor the black pathway mainly due to our MACD signal, the other major indices hitting new highs, and lastly the price action I have as of today.
Happy New Year! Okay, so likely path for SPX is the blue b to 4400? I agree. So SPX goes down 10% and at the same time NVDA goes up 10%? Is that really possible? Most likely NVDA goes down with SPX. No?
maikisch
⋅
@bjorn2z, Sure. I could post a dozen chart in which likely correlations never panned out. GOLD is supposed to be a hedge against Inflation? But Gold is pretty much where is was in 2010...THERE WAS NO INFLATION THEN....but today????? I think we could agree is inflation is higher today. Why didn't gold behave in more correlated fashion? Yes, I believe NVDA could higher if the SPX declines and vice versa. I look at each chart as it's own pattern.
Most likely NVDA goes down with SPX. No?