Monday, March 27, 2023

SPX and NYA: Near-term Potentials

Everyone should understand the big picture potentials by now, so today will focus on the near-term.

Friday's update offered a near-term option that turned out to be the only chart we needed (at least, for Friday's action):

Zooming out a bit, the near-term options appear to be as follows:

And then zooming out a bit more, if bulls were to get their ABC (either immediately or after another low), then it could lead to another leg for the rally.  (If bears are already in control, then we're already in a third wave that may not let bulls up for air for a while.)

In conclusion, the first half of Friday's near-term speculative count was a hit, we'll see if the second portion of that count works out too, but be aware of NYA's tag of the second line (above) and the "alt: bull c" option on the second chart.  Trade safe.

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