How 2-Year Cycle Fulfillment Sets Stage for Late-Nov./early-Dec. Expectations.
How 2-Year Cycle Fulfillment Sets Stage for Late-Nov./early-Dec. Expectations.
10/31/18 – Weekly Re-Lay Alert: Stock Indices rebounded sharply after spiking to new lows on Monday while testing key targets and support levels, but failing to close below Friday’s lows.
That allowed them to spike to the extreme downside targets previously described (23,913/DJIA, 2590/ESZ & 6650/NQZ) and to test weekly support levels even as the DJIA finally spiked below 24,247.
With several sell signals reaching fruition on Oct. 26 & 29, the indexes attacking extreme downside targets while doing that, and the DJIA turning its weekly 21 MAC down, Monday’s spike low provided the potential for a quick rebound.
That is similar to what was seen leading into mid-Oct. or one degree higher (since it would not only be correcting the latest 1 – 2 week decline – as the mid-Oct. bounce did – but potentially correcting the entire ~4-week decline from early-Oct.).
On a price basis, the NQZ just perfectly matched the magnitude of its mid-Oct. rebound – rallying 470 points in both cases. The DJIA & ESZ have already exceeded the magnitudes of their respective mid-Oct. rallies.
Both of those indexes have also signaled a 1 – 2 week or longer bottom while the Nasdaq still needs a daily close above 6991/NQZ to do the same…
The primary upside target for these rebounds is at last week’s highs (25,561/DJIA, 2782/ESZ & 7210/NQZ), which are currently near the weekly 21 Low MACs in the S+P 500 and Nasdaq 100.”
Equities are confirming a late-Oct. ’18 cycle low after fulfilling projections for a 2-Year Cycle plunge (10 – 15%) in October 2018. That projected a multi-week rally, with an initial surge into Nov. 5 – 9 likely. All of this price action is corroborating the real intriguing potential for stocks – what could unfold in late-2018/early-2019.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.