SMC Update 5-22-23

05/22/2023


Comments (7)

You cannot post comments.
Sign up for the Video or Bundle membership now and get access to exclusive content!
Login for Members

brian1469
brian1469

Thanks Peter

I would like us to hit the upper projections tomorrow at 4233 and 4256 on the ES and 14012 on the NQ.

From Vix I think we hit a double bottom on it. It would tell me something if we can hit those projections so their would be no more upper ones on the daily and weekly's and if the VIX could stay up from crashing lower and the double bottom stay in place.

I also think we need a fast move back down none of the sideways into the projections that don't give us anything meaningful to the downside

If that doesn't work out I'm taking a break I have a big vacation coming up would like to get away from this nonsense

Edit: Looks like we got a new high that sold quickly in the NQ last night. Wonder if that will be it for this run up should know more by the end of the day.

Last updated

SOLO
SOLO

debt ceiling is holding the market up and then we get oversold condition i seen this situation before were market will keep going up and up , then down till MM stop the bleeding

the other senario is we at the left sholder and will rocket up ( head ) then right sholder and crash in slow motion

my point is we need oversold condition to buy in to , and we will get .

Last updated

dcarter8883312
dcarter8883312

Look at AAPL Gapped down 2 days 163.30 ALA 174.94 NT

Don’t get too bearish June should be big rally into July 7-11 peak final hurrah for Bulls. ~Dorothy

szulc2639
szulc2639

It's possible TLT has completed a double ZigZag (5-3-5, 5-3-5) correction at today's low 100.28 partially filling into a gap left between 3/1 to 3/3 wherein 3/1's bar is an island bottom, the low of that bar is 99.48, though there's room to go a little lower but 99.48 is the dividing line between a bullish and bearish count. Sentiment wise with the threat of a default there aren't many bond bulls out there and might be juxtaposed to the waning internals in the a/d line of the stock indices that has a Fear and Greed of 70 the past few days well into the Greed Zone, and a Put/Call ratio that has been relatively low in the past week under .90. Should the stock indices continue lower the bond market may rally much further in a rush to a safe haven though eventually 99.48 will be broken, the upside though could be $10-15 if it proves to be more than a 3 wave rally especially if it moves above 105.67.

Last updated

daniel039209
daniel039209

dcarter8883312 said:

Look at AAPL Gapped down 2 days 163.30 ALA 174.94 NT

Don’t get too bearish June should be big rally into July 7-11 peak final hurrah for Bulls. ~Dorothy

"dont get too bearish"? why not ? market may have just converted alot of bears to bulls

szulc2639
szulc2639

Considering a flat correction (3-3-5) in NDX as being over, there are nearly 2 equal legs and probably equality was hit in the moments before the opening in the futures market on 5/22. The 5 wave structure of the flat bottoming on 12/28 then putting an interim top on 2/2 = 2209.79 NDX points comprising wave A, wave B bottomed on 3/13, adding the same amount as leg A for wave C = 13,905.2, if it's counted from the wave 2 low on 1/6 adding 2184.56 the high would be 13,879.97, the 5/22 high in cash market was 13,893.71 coming between both calculations. If you average the 2 calculations the projection comes to 13, 892.59, only 1.12 points from the actual top.

Last updated

brian1469
brian1469

Nice got the start to a fast move down. Been saying it since last Friday we could be set up for some nice downside projections.

If we get follow through tomorrow it should be on the 100/110's could be hitting in all indices by the end of the week if we get lower projections and hit them even on just the 3/5 daily

1-7 of 7