Stocks Reverse Daily Trends Up… Project Overall Rally into January 2024.
11/04/23 – “Stock Indices are rebounding in sync with weekly trend reversal patterns, weekly HLS levels, timing retracement levels, and daily cycles in diverse indices. In the NQ-100, daily cycles projected a low on Oct 25 – 27 followed by a sharp rally into Nov 3.
It spiked down to monthly support on Oct 26 while perpetuating a series of lows on 1-month/30-degree intervals, and then surged. Based on the weekly HLS pattern, the ideal time for a low and reversal higher was Oct 27/30.
The Russell 2000 & DJIA corroborated, fulfilling the completion of a .618 retracement in time (19 wks up, 12 wks dn) on Oct 27 and completion of the latest ~90-degree/~3-month move – connecting its early-Feb peak to early-May low (close) to late-July/ early-Aug high to late-Oct ’23 (Oct 27/30) low.
An initial rally was/is expected to last into Nov 3 (+ or – 1 day), at which time the daily trends were likely to clarify what to expect between that peak and the next phase of the NQ-100’s ~6-week cycle that returns on/around Nov 23. That is now taking shape with most of the indexes turning their daily trends up as the NQ-100 attacked and held its weekly LHR.
Those factors reinforce the potential for additional upside in November…
Stock Indices surged in fulfillment of multiple daily cycles bottoming on Oct 25 – 27 and turning up on Oct 30, ’23. That was projected to trigger a sharp surge from Oct 27 into Nov 3/6, at which time an initial multi-day peak is expected.
Most indexes have turned their daily trends up, signaling that any impending peak will be short term and give way to a brief (1 – 3 day) reactive pullback followed by a rally to new intra-month highs.
Another clarifying feature could develop with the action of the new intra-month trends. It would take daily closes above 34,164/DJIA, 4392/ESZ & 15,229/NQZ* to turn those intra-month trends up. (*That close is also what it would take to turn the daily trend up in the NQ-100… the lone holdout.) In either case, stock indexes could see a brief pullback followed by another rally.”
Stock Indexes have fulfilled a myriad of downside price & timing objectives, wave targets, and cycles converging most synergistically on Oct 27/30, ‘23. That should usher in the projected 4Q 2023 advance – likely (ultimately) lasting into/through January 2024. Initial reversal signals have been triggered with confirming ones needed to follow.
Is Another October – January Advance Destined to Unfold?
How Would This Impact Outlook for 2024/2025?
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