Back in 1/21 I said oil had bottomed and was in an uptrend. Now we completed 5 waves and are up against resistance. We are in for a top, and we will go down in 3 waves. The last 2 times oil topped the market also topped and crashed. So, we are due for a market crash soon, along with a correction in oil.
Note: The exact top might not be here, but we are at...
I'm expecting a major top around summer time. This will make Cycle wave 3 that began in the 1930s, once this forms there should be a 3 wave move that will be like a flat very similar to 2000-2009 and 2018-2020 corrections. This will last longer than a decade.
Hyperwave projection for the market based off of weekly 200 MA. The 200 MA has been sloping up ever since 2020 lows. Based off of angles of 200 MA we are only in phase 3 of hyperwave, so this isn't even the final phase! expect an explosive almost vertical move soon
I expected this to rise with VIX and the recent market downfall but they seem to be now disconnected. I'm looking for one final rally for this stock to complete the 5th, preferably this will be done in 3 waves.
We are up against major resistance from this channel. Expecting a long-term decline starting late next year.
*Note*: The lines drawn for the future are an approximate and are not meant to be the actual final path.
I think it is fairly obvious what is happening! So far we have been following the 2008 correction and subsequent rally perfectly, we came down with a strong correction then that was followed by a 3 waves up and now we are due for a 5 wave correction which we are in the midst of. The only difference I can see is the magnitude of the moves.
It's going to be a nasty month. I think we are making a harmonic EW impulse down. We should be in subwave c of 3, which is dividing. I doubt 3 is done because the downside target doesn't seem to be reached but we can adjust any counts later if something more complex develops. Looking for a wave iii of 3 coming tomorrow.
This is a bottom-bottom-top pattern. If this holds true expect a major top during beginning of Sept. 2022, SP500 should top at around 5600. I think we will have one more mini-crash in between now and then for one more dip to be bought. We will also be forming a rising wedge.