First a quick review. On September 26th I posted that a T was forming showing a bottom. We quickly rallied strongly right after, but then came down to new lows in October for an even better bottom and stronger rally. On November 18th I noted an approximate 4 month T showing a top and the market range traded for a few weeks before declining later in December. I also mistakenly said that I use $NYUD in addition to $NYMO for confirmation when in fact I use the McClellan Volume oscillator. I also don't use the MACD for the T but rather the actual McClellan oscillator to build the T. This one looks like a good one. Very symmetrical with an extremely large range. It was 82 trading days from the May top of the $NYMO to the September bottom of the $NYMO. 82 days from the bottom projects to January 24th. Lets see what transpires, but I think it has a chance to be relatively timely. I still think we have a chance of a 40 week cycle low around late February and I think there's a good chance of an ugly last 3 weeks of February. Breadth has been very impressive so we'll have to see just how much damage we can have. Chart is below with the McClellan volume oscillator on top and the McClellan oscillator on the bottom. They confirm each other. I will come back in late February early March to review or to respond to a reply here.
Now a final comment about blustar. I have had him on ignore for a very long time, but made the mistake of reading his posts the last couple of months. Fib was nice enough to tell him his predictions were not going to happen a few weeks ago and of course Fib was right. I fully support everyone's right to make as many crazy outlandish predictions as they want no matter how often they are wrong, but blustar has a fee based subscription service and you would think that when a professional makes a post, that they at least have spent time reviewing all the charts and statistics before posting their thoughts on market direction. I've been reading Marks posts and weekly sentiment letter for a very long time and I can't remember him ever saying something with regards to the market and then 2 days later saying that he looked a little more closely and saw something different. Come on man!! That's unprofessional. Fib would never do that. You can always trust what he says and Mark too. Sorry if I think that people selling services should be held to a modestly higher standard and hopefully posts things that might be helpful to the community. Anyway I promise this time to not read anymore of blustars posts so you won't have to worry about me criticizing a blustar post and I don't believe I've ever criticized anybody else's post before. I wish everyone success. All the best.
Edited by Spectacular Bid, 15 January 2023 - 03:24 PM.