Weekend April 16 2022
The count is pretty clear, Wave One of five waves down is complete, Wave Two of an A B C pattern to he upsie terminated close to the previous fourth wave peak a common occurrence.
A larger third wave down should now begin.
SPX
Same pattern as the INDU, here the Wave C of 2 ended slightly higher than the previous wave 4.
NASD COMP
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Again we have Wave One down and a completed Wave Two up, PMO confirms on all three charts by having peaked.
FED Chair Powell could not have been more wrong that interest rates would remain unchanged.
2 Year Treasury Yield
From les than .2% to 2.4 % in a little over one year, no wonder prices of everything are soaring. This will shock companies which have been using ultra cheap debt to finance operations, that cost just grew by 20x!
but I suggested in my column Friday that we may be closer to a peak in rates. TBF has also undergone a five wave move.
The arrows pinpoint the 3rd wave high and the fourth wave low. Get ready for a surprise April 21 as the fifth wave of TBF peaks.
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