Is it possible that based on a Weekly Chart of the SPX from the week of October 14, 2022 to now, we have reached the near finality of the fifth leg of an Elliott Wave Pattern? This is also at (or very near) a significant Fibonnacci Level pointed out by you in past posts. Also, on a Daily Chart, could we be in the middle of a Wyckoff Distribution? The Nasdaq Composite (COMPQX) also shows the same issue(s).
Yes. It is possible (i.e., anything is possible). Is it probable? We won’t know until the price action tells us (likely through a bull trap and series of bearish reversal plays). I would also say more often than not the 5th wave is a lot longer in duration and even more aggressive on the upside before it ends than we have currently. This time could very will prove to be something totally different, but that’s my thoughts about this. Notice in this simple line chart how the first and third waves are much longer than the 5th: https://kirkreport.org/tkr/PaGhMQ
Nice info.
I really like this format of communication with Bear!! So much easier
Is it possible that based on a Weekly Chart of the SPX from the week of October 14, 2022 to now, we have reached the near finality of the fifth leg of an Elliott Wave Pattern? This is also at (or very near) a significant Fibonnacci Level pointed out by you in past posts. Also, on a Daily Chart, could we be in the middle of a Wyckoff Distribution? The Nasdaq Composite (COMPQX) also shows the same issue(s).
Yes. It is possible (i.e., anything is possible). Is it probable? We won’t know until the price action tells us (likely through a bull trap and series of bearish reversal plays). I would also say more often than not the 5th wave is a lot longer in duration and even more aggressive on the upside before it ends than we have currently. This time could very will prove to be something totally different, but that’s my thoughts about this. Notice in this simple line chart how the first and third waves are much longer than the 5th: https://kirkreport.org/tkr/PaGhMQ
Very nice!
Do I assume by enabling notifications on Substack I will get all the the latest from Kirk?
Yes!