MCM_Creative_Technologies

MCM_Creative_Technologies

We are currently favoring the magenta count which depicts a bearish set of nested waves that should ultimately take out the 2064 lows. Although magenta is our preferred count, there is nothing to rule out the alternate short term bullish count alternate of wave white 4 being in place at yesterday's low, but we hold this as low probability. As noted on the chart,...

MCM_Creative_Technologies

It has been a while since we visited the longer term structure, and per the suggestion from Mr. West on yesterday's Market Structure Projections update it seemed as good a time as any to revisit it. We're viewing the current decline that started in May as an ongoing correction as grey 4 being the primary and white 4 as being the larger alternate. The market has...

MCM_Creative_Technologies

Although we whipsawed the highlighted base channel, buyers have been unable to successfully backtest it and we've currently a completed corrective wave up from the 2064 lows. We've also come within a couple of points of completely retracing our entire magenta extended fifth wave at 2120 as was assumed early on was a decent probability. At this point sellers...

MCM_Creative_Technologies

We got an initial bout of selling as was suggested based off the probabilities and a rebound which wasn't unexpected. Ultimately there is no material change in the outlook. Unfortunately for analyst's, markets don't go in a straight lines based off probabilities. Time is also a factor and waiting is an inevitability. Constructively, from a turn standpoint, it...

MCM_Creative_Technologies

We found our target zone yesterday and reversed out of the acceleration channel signalling that buying pressures are waning. The fourth wave invalidation level was tagged yesterday as well towards the end of the day session so that locks in the magenta count as our primary and the white three wave corrective count as our alternate. Ideally we'd like to see the...

MCM_Creative_Technologies

The depth of the retrace has made a fourth wave up from white 3/c less probable but not invalidated as noted by our demarcation point. However, we are currently deferring to the alternate magenta count as the higher probability count with a full five waves down to the 2064 zone and now currently working on a corrective bounce to retrace the extended magenta wave...

MCM_Creative_Technologies

We've finally exited the magenta crash channel which means buyers have decided to defend their positions at the 2064 level. We've got a couple of counts to work with. The more conventional count has us topping in wave white 4 in this general vicinity between the 38.2 and 50% retraces of wave white 3. The more unconventional count has this as an extended fifth...

MCM_Creative_Technologies

Good morning everyone. We've appeared to have put in all of wave (4) in the overnight but are coming into triangular support which has the potential to produce a solid bounce that could run back as high as 2088. Long positions at this time should only be taken with a very tight stop as the downside momentum remains as long as the magenta crash channel holds. ...

MCM_Creative_Technologies

We came up 1.5pts shy of our ideal turn target of 2012 but got some initial tiered entries in none the less. Currently looking for support in the 88 region where the fib cluster and channel lower rail reside. As you'll note in the linked article, we have key timing at 1230pm and are tracking the red market structure projection.

MCM_Creative_Technologies

With no material change in the overnight session we were able to put together a second article that outlines yesterday's Market Structure Projection performance and gives key insight on how they function. We are still looking for the 2112 area as a potential turn zone if this is to turn into a more extended downside move. Be mindful of the shaded base channel as...

MCM_Creative_Technologies

We finally hit our second inflection point and bounced dramatically off the 38.2% retrace. This completes a corrective structure down from the all time high and some caution is warranted on short entries going forward. If it is to be a more extensive decline, a bounce to the 2112 area would be a reasonable target. We're still working on the projections and key...

MCM_Creative_Technologies

Be on the lookout for support to come into play between the 2100 to 2098 area.

MCM_Creative_Technologies

We currently have a corrective structure up from the low of day yesterday and what appears to be an impulsive decline from the retest of the all time highs. In Elliott Wave an impulsive wave is one that begins a structure and is almost always followed by another of equal or greater length, so we are looking for another decline to match the first. Below is the...

MCM_Creative_Technologies

We're currently focusing on the 2116 to 2118 area as a potential turn zone with the present rally with an array of channel, fib, and trendline confluence.

MCM_Creative_Technologies

The overnight session has been a dull one as we've consolidated on the 23.6% retrace of the rally wave from the 2040's. We are still looking for lower prices for the overall regular trading hours session with probabilities of a small rally between now through to the 9am time window. Below is the link to today's Market Structure Projections. mcm-ct.com If you...

MCM_Creative_Technologies

With a breach of the aforementioned acceleration channel early in the session we've captured our first downside target of 2114. Projections were highly precise today calling for weakness throughout the session with an upward bias after 3pm. While new all time highs are assumed at this point as a function of market structure, the near term weakness is likely to...

MCM_Creative_Technologies

We're currently right up against the lower rail of acceleration channel support from 2046. A break would likely see us visit the 2114 area with shelf support and the 23.6% retrace, but could run as low as 2101 and the 38.2. Below is today's key timing and daily projections link. Good luck and good trading. mcm-ct.com If you have any questions about our...

MCM_Creative_Technologies

Although the 2130 Level was reclaimed and locked in a corrective decline from the previous all time high, market internals are deteriorating rather rapidly which is our focus for this evenings commentary provided in the links below. New all time highs are a very high probability at this point, but some near term weakness with the markets challenging the previous...