The market finished a rather uneventful week, despite the FED raising rates. Wednesday provided the most interesting session, having finished 20 points above Tuesday’s close. The last 2 days saw the market retreating though. From an EWT perspective, the bounce off the low from 3/9 looks like a classical 3 wave correction so far. The next few sessions will be important to see if this is what it seems or not.
Considering the lack of major swings, the weekly cycles show no important development. The picture is still bullish, although a bigger correction to a bullish retrace (BR) support would also be possible. Directionality is still stuck at the highest level, adding to the bullish picture.
The daily cycles show more or less the same picture, although here directionality did move lower and is now close to its minimum. From a cycle structure perspective, the same is valid as for the weekly. They are in impulses up, so the picture is bullish, but a bigger correction to a BR support would be possible also. If that happens that BR would most likely be a buying opportunity.
The 288 and 480min cycles You need to be authorized or upgrade to see this content. Please go to http://mcm-ct.com/membership-signup-dev-2/ to sign up.