So many growth stocks look similar in that we see large flat 3 wave corrective action that appears complete to me. This could be the blow off beginning. Typical for 12 months from tightening to top. Maybe its faster this time we shall see.
Thinking out loud trying to make sense of it all.. Still thinking we have another push up to come before the market makes a larger top. The move could certainly blow off more but I think 5400 range is conservative if we do have a 5th to come. Growth sector is the most beat up and the value rotation doesn't make sense as they are over represented by businesses that...
Dollar is approaching the .5 retrace from the Covid high, quite a bit of confluence from the channel and pitchfork as well as previous congestion in this area. When the dollar pulls back it sets up the next big move in metals/crypto/stocks. Keeping a close eye on this level.
Seems plausible that we are closing in on a 2 year top in markets, corrections are needed and we have been on a very long bull run, debt cycle is nearing its end, inflation spiking, monetary policy is shifting, and technology/AI/crypto are ushering in the new era. How bumpy the adjustment is, is anyones guess. Volatility though is a good bet.
Seems like a plausible contender to me, it gives credence to the idea that the ETF will provide another leg up to the move post January with the new entrants, seems like we are repeating 2017 or close to in terms of the typical last quarter and part of 1st quarter bull move.
If we have a low in for the dollar, at least temporarily, we could have a leading diagonal off the low. Should be interesting to see how it plays out over the next couple months. We know there will be lots more printing, and its hard to see how the dollar milkshake theory can play out, but the moment we see the dxy rising while BTC and Gold/Commodities are rising...
After a nice pullback im thinking we may have the higher low set, certainly possible we make a larger correction but I added on that higher low expecting the follow through at some point.
Watching the rising wedge for potential exit signs and a larger potential top 3rd wave top.