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Non-Tech : Kirk's Market Thoughts -- Ignore unavailable to you. Want to Upgrade?

To: Kirk © who wrote (15044)	12/31/2022 12:04:10 PM
From: Kirk ©	1 Recommendation Recommended By Return to Sender Read Replies (1) \| Respond to of 26766

I wrote about 2 weeks ago I think the bottom is in for stocks like LRCX... Here is evidence... if we were to have a major bear market, I believe Lam would have fell through the dashed blue neckline rather than rally to the 200-dma then test the 50-dma on a retrace. After such a bounce, that neckline is no longer a H&S top() but the higher tops could be connected with another line for a bullish megaphone pattern... far more bullish than hitting the upper red resistance line. () It may never have been a H&S top since the right shoulder is higher than the head... which is more of a megaphone pattern

To: Kirk © who wrote (15044)	12/31/2022 12:39:03 PM
From: #Breeze	Respond to of 26766

On the chart I posted, I drew a line off the Wave (1) top. Wave (4) can not overlap that line else the wave count would be invalidated. Also note that Wave 4 low in March 2020 could not have been Wave (4) because it fell below that horizontal line. Is it possible that Wave (4) ended in May 2021? Here's an alternate count in red. If it did then a large five wave sequence ended with the ATH and a much larger decline has unfolded. tradingview.com I consider symmetry and the relationship between certain waves of the same degree. The Wave (2) correction took 103 months to end and unfolded in a simple ABC. The related Wave (4) correction has taken 9 months as a complex WXY pattern. These two waves of the same degree will alternate in wave patterns, time and/or retracement. Simple and complex or complex and simple. So for now I'm sticking with the primary count in black.