Thursday Nov 10, 2022
As expected the pundits are blaming the sell off yesterday on the failure of the red wave to dominate. The better call is that large Wave three is under way and minor 1 & 2 of that are compllete.
This brings us to the strongest phase, three of three
Notice PMO is peaking which re enforces this belief. a major crypto exchange FTX collapsed yesterday. Expect the entire crypto world to collapse before the end of this bear market in stocks.
now compare this chart of the NASD with the INDU above, NASD is much weaker, tech wreck is leading the way down.
The Dem strategy of supporting MAGA candidates in the hope they would be the easiest to beat worked. Trump is being soundly trumped in the WSJ editorials and elsewhere.
This casts some doubt on his forthcoming Nov 15 announcement. He threatens dirt on DeSantis, does he really thin labasting a FL Governor with the best margin of victory since 1868 will help Trump. Next week will be interesting.
If three of three is beginning this will be the most dangerous part of the decline. The collapse of the crypto exchange FTX is the perfect kick off.
Another sign social mood is going negative.
https://pagesix.com/2022/11/09/snl-writers-boycott-over-dave-chappelle-hosting-the-show/
_____-
8 33 AM Update
I should have stuck with my original thinking Oct 26- 33,000 looks about right, mnow re visiting the August high at 34,000 looks about right, there is always an alternate count, this rally should be good for a week or two
Comments