Friday, October 6, 2023

Oil, SPX, NYA, COMPQ Updates

Let's start with oil, since I've received several requests from oil bulls to, quote: "REMOVE THAT STUPID B LABEL ALREADY!!"  Back in March, I drew this oil chart and placed the red "b?" where it is:

Then, over the subsequent half a year, oil rallied all the way up to that label, hit the bottom of the "b," then reversed hard.  Oil bulls are now blaming me for this reversal, since (according to them) it's obvious on the chart that my "b?" label is simply blocking oil's advance:

So, I'd like oil bulls to please understand that, while it may seem like it's my fault for placing that b-label where I did, that's just where it looked like oil wanted to go, and where I thought it would be forced to decide what it wanted to do next.  Labels aren't physical things that can reverse rallies, they're just ideas in my head.  So, I'm just the messenger, really.  Please stop sending me messages now.

Next up is NYA, which has so far failed to recover the black channel and is thus still hanging around in dangerous waters:

COMPQ is now below all its near-term support levels:

No change to SPX so far:

In conclusion, no real change to anything.  We do remain in "potential 3rd wave" territory, so stay alert, as third waves are often crash waves.  Trade safe.

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