MCM Newsletter – Outlook for Week of 16-20 October

The market put on the breaks last week after a very bullish start in October. It still managed to grind higher, but only slightly and this type of behavior resembles that of an EWT wedge pattern. That doesn’t mean this is the only option, as this could be just the market catching its breath before pushing higher once more, but bulls should be careful until this pattern is ruled out.
As usual, no change on the weekly cycles. The up impulses are getting long in the tooth now with no unwind (bullish retrace and corresponding ENDs), which is another reason for bulls to mark some profit and avoid getting complacent.

Weekly Cycles

The daily cycles are in clearly established up impulses as well, which reinforce the (still) bullish picture. The breakout levels (over resistances) are important in the intermediate term, in case the market starts to move lower. Otherwise any signal that these impulses start unwinding would be good clues.

Daily Cycles

The 288 and 480min cycles     You need to be authorized or upgrade to see this content. Please go to to sign up.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply