Last week, the bulls held key equality support across the board leading to an impulsive 5 wave rally into Friday's high. The corrective rally opens the door for a push to new ATH's but the bigger picture wave count is less clear. With Trump's first week in office post-inauguration, we should be prepared for increased […]

Last week, equities extended lower after the initial strong rally failed at trend resistance. The question is whether this decline is a complex correction within the ongoing bull market or the start of a waterfall decline? There is no evidence yet of 3rd wave impulsive price action to the downside so Bears need to see […]

Last week, equities held near term support and failed to confirm a bigger picture tradable top. While not our base case, the potential remains for a small degree 5th wave extension to marginal new ATH's while last week's lows hold. Bears need to break these lows to help confirm a bigger picture change in trend. […]

Wishing you and your families a happy and prosperous new year! Thank you for your support. Last week, equities rallied strongly for a corrective 3 waves up before reversing sharply lower on Friday. The onus is on the bears to extend this decline into the new year to help confirm a bigger picture bear reversal. […]

Jay Powell was the grinch that stole Xmas in the final FOMC press conference of the year. His hawkish pivot shocked the markets as equities reversed sharply lower as rates and the US$ rallied. The equity leaders (Nasdaq and SPX) reversed impulsively lower to potentially form a near term tradable top but bears need to […]