SMC Update 5-23-23

05/23/2023


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m1.c70
m1.c70

Thanks Peter the problem is fixed now.

brian1469
brian1469

Thanks Peter

I thought the VIX breaking out crashed your website good to see it survived.

I agree with you the set up is there. If we do go straight down it would screw a ton of bulls which is a reason I could see it happen.

MarketTiming01
MarketTiming01

If/when the Oct 2022 lows are broken (a long long way to get there), then I will begin to believe again that Peter's 4 year low is possible ....... the massive move up in NDX is too hard to ignore ..... anything can happen, and as Peter always says "no guarantees"

dcarter8883312
dcarter8883312

NVDA Gapped down on Open leaving Island Reversal and a downside target. Minimum Target 254.25 as long as (ALA) 306.31 Is not touched (NT). Tricky given Earnings come out after close today. My bet it will be sell the news. I’m curious if Peter gets a similar downside target. ~Dorothy

StevenTexas
StevenTexas

I think we are living the Chinese Curse, "may you live in interesting times!"

StevenTexas
StevenTexas

I think we are living the Chinese Curse, "may you live in interesting times!"

ericoh792283
ericoh792283

This is bull market behavior! Lol

ericoh792283
ericoh792283

This is bull market behavior! Lol

daniel039209
daniel039209

good levels identified today, but alas, no "waterfall, snowfall, tumble" So, your projections were great support, 275 point rally in NQ_z .

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szulc2639
szulc2639

NDX soaring in the after market on NVDA earnings that is up as much as $80 from the close, probably completing the 5th wave up though it could become moreso extended, mostly 1 stock is carrying the index, could be a 2nd wave and a selling opportunity.

szulc2639
szulc2639

NDX soaring in the after market on NVDA earnings that is up as much as $80 from the close, probably completing the 5th wave up though it could become moreso extended, mostly 1 stock is carrying the index, could be a 2nd wave and a selling opportunity.

szulc2639
szulc2639

NDX soaring in the after market on NVDA earnings that is up as much as $80 from the close, probably completing the 5th wave up though it could become moreso extended, mostly 1 stock is carrying the index, could be a 2nd wave and a selling opportunity.

psa
psa

NVDA had a target of up to 368 based on log scale. Peter, appreciate if you can review NVDA as it is now at 392 and even with a log scale, the max daily/weekly target is not more than 368. Does that mean that we need to configure manually a different cycle in the software?

ericoh792283
ericoh792283

Nasdaq up like 2%. So much bears getting mulled tomorrow

szulc2639
szulc2639

daniel039209 said:

good levels identified today, but alas, no "waterfall, snowfall, tumble" So, your projections were great support, 275 point rally in NQ_z .

Most likely interpretation is 1 down 2 up that may already be over, a 2nd wave can go up as much as 100% but not a penny over. The 5/22 top remains intact, only 1 stock NVDA is carrying the index in the post market at that, not the regular market session. The NVDA rally is already waning and so is the NDX future's rally. Since price is a manifestation of emotion in masse, if that doesn't carry into the next day that will be a tip off that NVDA has put in a multi-year high, it's a wave 5 of 5 from a rally that began in 2015, Fibonacci 8 years ago. What has happened so far in the post market is a gap fill from 5/22-23. NVDA is already off $15 from the $395 high and SQQQ that made a low of 25.06 on the open of 5/22, today's post market low is 25.32, last 25.63

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