Stocks Reinforcing Multi-Week Buy Signals… Project Rally into Late-Nov & then Jan 2024.
11/15/23 – “Stock Indices are reinforcing the multi-week uptrends that began in late-October ‘23 after fulfilling the synergy of weekly trend patterns, weekly HLS levels, timing retracement levels, and daily cycles – all projecting a 1 – 2 month (or longer) bottom on Oct 25 – 27.
In addition to all those indicators, the DJIA provided another textbook example of wave equivalence – in price AND time – completing a decline of 12 – 13 weeks and ~3,300/DJIA points in late-October ‘23.
[In December ’22 – March ’23, the DJIA also had a decline of 12 – 13 weeks and ~3,300/DJIA points.]
That late-October low was projected to trigger a pair of 1 – 2 week rallies – first into early-Nov ’23 and then into Nov 20 – 24, 2023. That is when a ~6-week cycle returns in the NQ-100.
Ideally, that would lead to a 1 – 2 week (or longer) peak on Nov 22/24 – the next phase of a ~6-week/~42-day high-low (Mar 13) – low (Apr 25) – low (Jun 8) – high (July 18/ 19) – high (Aug 31/Sept 1) – high (Oct 12/13) – (high; Nov 22/24) Cycle Progression that timed previous peaks. It would also fulfill a related ~18-week low-high-(high) Cycle Progression.
On a larger scale, it is still expected to prompt an overall rally into January 2024… particularly in the stronger NQ-100 & S+P 500 indexes.
In between, the DJIA could set an intervening peak around Dec 13… the exact date a 3 – 6 month peak was set last year (Dec 13, ‘22 – a 1-year/360-degree cycle ago) and in fulfillment of equal-duration rallies.
That would also perpetuate a ~3-month/~90-degree low (March 15) – high (June 15/16) – high (Sept 14) – (high; Dec 14/15, ’23) Cycle Progression in the DJIA. A rally to 35,000 – 35,150/DJIA would match the magnitude and previous high objective of the previous (March/April ’23) rally.
The intervening action will need to clarify if stocks see a series of three higher highs (Nov 20 – 24, Dec 13 – 15 and then January ’24) or whether those cycle highs create another round of divergent peaks.”
Stock Indexes have generated upside reversal signals after fulfilling a myriad of downside price & timing objectives, wave targets, and cycles converging on Oct 27/30, ‘23. That has ushered in the projected 4Q 2023 advance – likely lasting into/through January 2024.
Is Another October – January Advance Unfolding?
How Would This Impact Outlook for 2024/2025?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.