all: April 19 shows up in some cycle counts...however, the biggest number of 'hits' (where a fibonacci sequence arrives, counting from a significant prior turn) is right on May 2, which happens to be a Bradley turning point as well.
you know about the April 23 date (i'm investigating the 26th too), so we could perhaps see a high tomorrow for the discussed "A" , a low on either the 23rd or 26th for "B" and May 2 as the high of "C". seemingly this doesn't allow for much time to complete the sequence, but who needs time? they move this market by what used to be a respectable ANNUAL performance in a single day these days.
the month of May strikes me as the most likely candidate to strike some fear into the hearts of the bulls...this should finally bring about a week or two when Investor's Intelligence has more bears than bulls, setting up the extreme bearish sentiment i believe is needed to begin a multi week/month rally with some staying power.
as an aside, i think the frizzlebun is either close to topping, or has already done so...imo the market will at first ignore this, or even interpret it as a positive, since it's good for multinationals' earnings. but that should change if the decline turns into more than a gentle setback.
note: review of various sector indices has some right at resistance, some already vaulted over it (banks for instance) and some close to it...i've also seen an advanced get chart today of biotech, which implies the possibility of new highs for the sector:
sandspring.com
note also that cyclicals generally look quite bullish...but seemingly bullish chart formations can be deceptive in ongoing bear markets. more on the various sector indices tomorrow.
good night! |
