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Strategies & Market Trends : News Links and Chart Links
SPXL 219.63-1.4%Dec 1 4:00 PM EST
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To: Les H who wrote (27289)8/21/2022 11:56:01 AM
From: robert b furman  Read Replies (1) of 29601
 
Hi Les,

I have tracked clx studies daily for years now.

If one charts the daily clx numbers with a 35 ema, the historic highs range from 7.0 plus to 7.5 high.

These short term clx 35 ema highs happened in November/December of 2011 and April/May of 2020.

Both of those time periods were first waves up from deep dips in the general markets/indices.

I'd not be surprised to see this reversal dip down to the be close to the previous lows of June.

EW rules allow for a 2 corrective wave to retrace all of the impulsive up of wave 1. Usual expectations would be the 50% and 61.8% fib retracements

35 ema have a way of preloading the boost of the upward wave. Market breadth being strong seems to coincide with that first wave advance (as it reaches unusually seen heights).

We may have just seen a wave 1 down (A) starting January, with the now completion of a B wave, taking us into Wave C down, which may well test the lows of Wave A which ended in June.

That ABC will then complete wave 2.

Any decline below the June lows, should be on light volume - showing a drying up of selling.

I'd be surprised to see the lows of the 2020 pandemic get revisited. I think I'll go to the grave believing that was a "one of" event.

A combination of bureaucratic incompetency, and political election maneuvering, I suspect make it an event that will never be repeated. Thus its quick and powerful reversal.

That does not eliminate healthy corrective waves - which I'm thinking we've been in since January.

Thanks for all you do here. I'm trying to get a handle on Tradetrekker and all of his proprietary jargon. I do appreciate the links.

Bob
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