We have been monitoring US stock market technicals on a daily basis, but sorry that have not the time to upload them every time.
Last time we posted, we have been forecasting a possible Primary Wave III peak soon this year to early next year.
Looks like Primary Wave III peaked last May 2015 and is now under Major A of Primary Wave IV correction due to the ff reasons:
a. invalidating 1973 (wave b or 2 of int wave iv)
b. invalidating 2000 ( int wave iii of Major Wave 4 of Primary Wave III)
** there are alternative counts, but most important is that, there have been Elliot Wave invalidation due to overlapping of waves
Now that SPX corrected 13%, we should look into possibilities of upcoming wave structures.
1. Assuming we are inside Major A of Primary IV, we dissect the minor waves, and we get minor a = 2.618 minor c, which could possible end Major A. then a target upside of Major B before final Major C to end Primary Wave IV near 1750- 1820. Or this could simply be end of correction(if downgrading the wave counts).
2. 2012-2015 uptrend was broken (BLUE) when it went below 1890.
3. The alternative 2009-2015 uptrend line (SKY BLUE) found support last night (1893).
4. The original 2009-2015 uptrend line (MAROON) is at 1820.
Weighing the US stock market, charts look good honestly. But looking outside of it, quite scary:
1. DAX Germany (long term uptrend)
2. FTSE and CAC (could have broken their long term uptrend)
3. HK and Jakarta (confirmed broke below 2009-2015 uptrend)
4. Philippines, Thailand, and Germany (waiting for more confirmation)
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