In my last post I stated, "The next primary line of resistance is the 1.618 extension @ $489.95. I expect some type of reaction there regardless of the strength it shows". When we hit that fib, we got some choppy price action but ultimately were able to push through it. The next line of resistance we look towards is the 1.786 @ $501.99. This would fare well with the phycological $500 price point. Not part of EWT, but something to think about.
Looking at MACD, this thing is still running out of gas on the micros and the macro-outlook. Many heavy weighted tickers are also coming to the ends of their respective wave 5's of varying degrees such as AMZN, AAPL, & META. These on their own should tell you this move higher is coming to an end soon. If the ED theory is correct, then we still need a B wave of 5 before making another new all-time high for the C wave of 5.
Should this not be an ED, which I don't foresee, then the target for the top would be between the 1.786-2.0. So, either way, this move higher is coming to an end soon regardless of where it is at in the count.
Looking at MACD, this thing is still running out of gas on the micros and the macro-outlook. Many heavy weighted tickers are also coming to the ends of their respective wave 5's of varying degrees such as AMZN, AAPL, & META. These on their own should tell you this move higher is coming to an end soon. If the ED theory is correct, then we still need a B wave of 5 before making another new all-time high for the C wave of 5.
Should this not be an ED, which I don't foresee, then the target for the top would be between the 1.786-2.0. So, either way, this move higher is coming to an end soon regardless of where it is at in the count.
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
