weekend update


The market started the week at SPX 2077. After a gap up opening on Monday the SPX hit 2101. On Tuesday it hit SPX 2112, and SPX 2114 on Wednesday. Then after a gap up opening on Thursday the SPX hit 2124, and SPX 2129 with another gap up on Friday. For the week the SPX/DOW rose 2.1%, the NDX/NAZ rose 4.9%, and the DJ World rose 1.9%. Economic reports for the week, which were plentiful, also came in mostly positive. On the uptick: business inventories, the CPI/PPI, housing starts, building permits, the NAHB, industrial production, capacity utilization, the NY FED; plus weekly jobless claims and the treasury surplus both improved. On the downtick: retail sales, export/import prices, the Philly FED, the WLEI and consumer sentiment. Next week, a quiet one economically, will be highlighted by Leading indicators and more reports on Housing.

LONG TERM: bull market

Two months ago, when we were doing annual updates on many of the markets worldwide, as well as, the various asset classes, we wrote a report on the stock market. We did not publish the report, because we were waiting to see of the SPX downtrend would bottom in the low 2040’s and then kick off a new uptrend. With those two event now in the books we will publish the report on Sunday. We will warn you though, the report is likely to shock both bears and bulls alike.


The long term count remains on track. We continue to label this bull market as Cycle wave [1] of the new Super cycle 3 multi-generational bull market. Cycle wave bull markets unfold in five Primary waves. Primary waves I and II completed in 2011, and Primary wave III has been underway since the low. Primary I divided into five Major waves, with a subdividing Major 1 and simple Major waves 3 and 5. Primary III is also dividing into five Major waves, but is alternating with that structure. Major wave 1 was simple, Major wave 3 was quite subdivided, and Major wave 5 is subdividing as well. When Primary III concludes, probably next year in the SPX 2500+ area, the largest correction since 2011 should unfold for Primary IV. Then when it concludes Primary V should take the market to new all time highs.

MEDIUM TERM: uptrend

Since the beginning of the year, and even the last two months of 2014, the market traded in a narrow 160 point range with a rising bias. We had counted a Major wave 3 high in December at SPX 2079, then an irregular (usually bullish) Major 4 flat bottoming in February at SPX 1981. After that low the market uptrended to a new high at SPX 2120 by late February, and then, oddly enough, entered a 90 point trading range for nearly five months.


We continued to see a rising uptrend from the early February low to the actual current all time high at SPX 2135 in mid-May. This wave pattern could best be described as a leading diagonal triangle (abcde). When the SPX finally completed this pattern and confirmed a downtrend, the downtrend was just as choppy as the previous several months. We considered this entire process as a high level consolidation. Our target for the downtrend was the SPX low 2040’s, since 2040 represented a 61.8% retracement of the entire February-May uptrend. A week ago Tuesday the SPX hit 2044, rallied to 2084, then retested that low at 2045. This retest fit quite nicely with what we were observing in the NDX/NAZ, and the short term patterns of the SPX.

From that SPX 2045 low the market has risen for seven consecutive days with higher highs and higher lows. Recapturing all but 6 points of the entire 90 point, multi-month, downtrend in just seven days. This certainly looks like a kickoff to the Intermediate wave iii uptrend. After the uptrend confirmation occurred this week we did some Fibonacci analysis in an attempt to project a possible Intermediate iii high. We arrived at several levels, which will get posted as they are approached. The first level, which we found quite interesting, is SPX 2198: Int. iii equals Int. i. The exact level of our OEW pivot above 2131. This suggests there is absolutely no meaningful resistance between the 2131 and 2198 pivots. Once the 2131 pivot range (2124-2138) is cleared, the market should rally right to the 2198 pivot. Medium term support is at the 2085 and 2070 pivots, with resistance at the 2131 and 2198 pivots.


At first glance the hourly chart looks like a bunch of a’s, b’s and c’s with a single i and ii. This is kind of choppy activity is very unusual for a bull market, as most of you know. It, unfortunately, allows for a myriad of potential counts both bullish and bearish. Unless one has a good view of the long term picture, this kind of activity can easily sway good market technicians in either direction. Since OEW quantitatively tracks the waves we rely on it 100%. Despite the sloppy pattern we know the uptrend ended in May, (Int. i label), and the recent downtrend ended in early July (Int. ii label). Now an Intermediate wave iii higher is underway.


From the downtrend low at SPX 2045 we have counted three waves up: 2074-2051-2129. Within the third wave there have been five smaller waves: 2076-2067-2114-2102-2129. These five smaller waves suggest, unless the third wave extends, that SPX 2129 could have been the high for the third wave. Should this be correct the market should pullback about 20 points early next week to around the SPX 2110 area to complete the larger fourth wave. Then we would expect another rally to a higher high than SPX 2129, before an even larger pullback. So unless this third wave extends, early next week could be somewhat choppy as the market yet again deals with the OEW 2131 pivot. Short term support is currently at SPX 2120 and SPX 2102, with resistance at the 2131 and 2198 pivots. Short term momentum ended the week quite overbought.


Asian markets were all higher on the week for a net gain of 2.4%.

European markets were also all higher gaining 3.5%.

The Commodity equity group was mixed gaining 0.6%.

The DJ World index gained 1.9%.


Bonds look like they are trying to reverse the downtrend and gained 0.2%.

Crude remains in a downtrend losing 3.7%.

Gold hit its lowest level since the 2011 high and lost 2.7%.

The USD continues its uptrend and gained 1.9%.


A quiet economic week begins on Wednesday with: the FHFA index and Existing home sales. Thursday: weekly Jobless claims and Leading indicators. Friday: New home sales. Best to your weekend and week!

CHARTS: http://stockcharts.com/public/1269446/tenpp

About tony caldaro

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141 Responses to weekend update

  1. fotis2 says:

    Could be lining up for a short will wait for a 3bar reversal dissapointing no new high so close ad yet so far away.GL

  2. john b says:

    not quite 33 on my chart it seems

  3. stephenk1980 says:

    For once I agree with the bears. Correction coming soon. I’m not absolutely certain of it, but definitely leaning short now. It could literally be peaking now, or alternatively the SPX will make new highs tomorrow / Wednesday but the DOW won’t; if both make new highs then Tony’s forecast is the more likely.

  4. stmro says:

    Everyone’s looking for a pullback, from 20 pts to something larger. To be honest, based on weakening market internals alone, i’m looking for one as well back to around 2100.

    However just a word of caution. If you look back to 2012, 2013, 2014, how many times have we have monster v-shaped melt ups out from a low, that ignored all divergences and tradtional technical indicators. Just look at October 2014 – 250 pts straight up. Yes – it would defy logic, but we’ve seen plenty of examples of these already.

    It’s okay to be short (i am), but don’t bet the farm on an imminent correction is what i’m saying.

    • How many have failed to be melt ups since that last one from Oct 2014? lots of these lately

      • stmro says:

        Of all of the rallies we’ve had since the start of the year, this is the only one that has the characteristics of a melt-up. So none.

        • Disagree, and that not what every bull claimed during each attempt. Every time it was it’s impulsive here comes the 3rd of a 3rd blah blah blah. then they drop hard and every bull said oh it not that wave. This is the strongest YTD, I give you that but it not the first attempt that bull tried to execute a V-shape rally.

          • stmro says:

            You appear to be associating me with someone else. Since when did I give the impression I was a rabid bull?

            Also a meltup isn’t characterized by violent up moves. It’s more about the consistency of the move. That’s why this one qualifies in my book and not the others. Up 8 days in a row. There’s no easy way to predict when it stops. The previous high is one of the more obvious points.

    • Dex T says:

      The difference is that during those years the Federal Reserve was continuously pumping in money to a handful of banks who used it to purchase equities. Hence the steady upwards climb.

      QE has been over for several months and growth has been sluggish. The S&P is only slightly higher than where it began the year in January.

      In addition, the Fed is planning on raising interests rates in 2 months time. The majority of the board including Yellen have already been publically announcing it.

      • stmro says:

        If that is true, why has the market not reacted? Either it doesn’t care about an interest rate rise, or it doesn’t believe in one.

        I wouldn’t use readily available macro information to form an opinion of short term market moves.

        If you’re a fund and your trading timescale is measured in quarters, then fair enough.

        • Dex T says:

          The market hasn’t made significant new highs either -mostly back and forth.

          The way I read it is indecision. There is no additional funds coming in so only nominal new highs have been achieved.

          Also there have not been substantial reasons yet to sell off- they have been in the background (Greece, Fed) but not enough to force the institutional investors to get out just yet.

          I think the majority of them don’t really believe in a rate hike because it’s been so long and they feel that the economic data won’t support it so the Fed will keep delaying it.

          It’s massive complacency and eventually when the rug gets pulled may very well be the catalyst that leads to a rush to the exits.

        • stephenk1980 says:

          The market is only going to react very close to the event. P2/4 down trends last 2 to 3 months, so leaving a bit of that time after the hike announcement to finish the trend and get everyone short before the market reverses, the initial downturn isn’t going to come until just a month or two before

        • stmro says:

          The point is you’re trying to use long-term indicators as reasons for taking a short term bias. Not a wise move IMO, but its your money! I AM short as well fyi, but that decision wasn’t based on interest rate expectations.

  5. kvilia says:

    2 problems for bulls.
    Potential head and shoulders on RUT and
    How in the world SPX can get to 2200 without a correction that is larger than 20 points when VIX is at 12?

  6. blubrd67 says:

    Anyone has reasoned opinion if gold and GDX are finally oversold enough to get in for a decent bounce?

    • fotis2 says:

      Been waiting forever for a long entry daily CCI -260 this level has held on 2 previous occasions(2014/10/31 and 2015/03/06) and closed back inside -100 a few days later to deliver decent bounces it looks like possibly retest of lows next support level 1050 a daily close inside -100 for me would be a buy trigger with target daily CCI close above 100 for a swing trade.

  7. NEWBIE says:

    Here comes the down move, you had your chance to sell

  8. H D says:

    SPX had familiar 10 AM Monday BTD, coming in 2134fib/10 handles R, 2131P, R has not been major issue for this wave. 2104P notable OPEX PB. Only new ATH’s left to confirm.

  9. 20 point pull back, or simply extend. Everyone must have read Tony’s update and decided there is no need for a pull back. Straight melt up to 2198. Hopping today and tomorrow is lower. bulls have to be tired after that monster run up and after apple reports Tuesday PM there going to run it up again on Wednesday

  10. stcoleridge says:

    NDX 60 Min RSI at 99.04

  11. Last post of the day….GDX daily volume at around 18-20m…now at 48m.A spike EOD to around 100m would seem like a washout.
    Hindenburg Omen:New highs 91 new lows 220.McClellan was +87 Friday.Probably won t go negative today but getting close to another HO.It s all pretty damn interesting.Good luck all.

    • mjtplayer says:

      AAPL, FB & V are accounting for all of the gains in the 3 major indices.

      Like Friday, indices higher but with a negative A/D and terribly light volume.

  12. nardobeme says:

    Covered my shorts this am with small gain. I’m now in Appleville, then onto Amazon. I see $CMG as a good long play as well. Market is very strong, and don’t entertain the idea of poss. shorting ’till end of week, and even then Friday may supply some EOM window dressing. My eyes are on gold as well; potentially a big oversold bounce coming.

  13. Dex T says:

    More and more evidence points to the first rise in Sept.

    Fed’s Bullard Points to September Rate Rise in Fox Business Interview

    “NEW YORK–Federal Reserve Bank of St. Louis President James Bullard said in a television interview Monday there are good odds the U.S. central bank will raise rates at its September policy meeting.”


  14. jobjas says:

    present uptrend tops @ 2123.50 ES

  15. john b says:

    looks like minute 3 not to far away, maybe in the 2132 area?

    • NEWBIE says:

      jon b, every blogger on the planet is trading this count- no joke.

      • john b says:

        and what would that mean newbie?

        • NEWBIE says:

          it could mean something or nothing. Usually when everyone is looking for the same thing it doesn’t happen.

          • john b says:

            ok tks but I thought you said ewi,daneric and some other nut were short?

          • NEWBIE says:

            yes a few are short but the majority is long and playing this same count expecting wave 3 to top out in a few points, then wave 4 to pull back to 2100 are and then wave 5 to new highs. See link below, this is a great website that shows blogs and what count they are playing.


          • john b says:

            last post,yes newbie it may be interesting but I have decided to only read Tony@OEW a few years ago,i have paid ewi,lara and a self proclaimed genius ,MAN I lost more than plenty money.I cannot tell you how pleased I am with the decision to only read this blog.One thing though,i subscribed to Jeff Kennedy at ewi for a while and I respect his wave analyses.

  16. Volume in gold up a lot today.Possible capitulation day/couple days?

  17. NEWBIE says:

    Patiently waiting for “the event” that causes the market to fall off a cliff.

    • Jim Guthery says:

      Newbie I am with out, but I ‘ve weaving in and out. I will not stick around too much more waiting for something they may not come for awhile

  18. H D says:

    uvxWHY? u can always buy it cheaper… much like gold and silver,,, apprently

    • NEWBIE says:

      uvxy, yeah that is until it quadruples in 1 week like tvix did in 2011 but this time the stakes are much higher.

      • uncle10 says:

        newbs you dont know how it works. very likely never going back to $50 ( until they reverse split it again).

  19. john b says:

    man, these bulls are something lol

  20. Well the six month cycle indicator on gold worked pretty well…this obviously an inverse six month period where the high(not the bottom) for gold is on July 1st.This would indicate that you stay out of gold until Dec 31st.Should be a slight countertrend rally soon but the six month indicator is down—amazing.I had 10% in gdx..will wait for a rally and sell whats left…hopefully a $50 rally somewhere.When we fill 2080 on S&P I ll go long on that to 2200.Good luck all.

  21. CB says:

    Interesting. Thanks very much Tony.
    Have a great week everyone.

  22. 52 handle gold plunger Oouch!! Hope nobody was long gold.

    • NEWBIE says:

      Gold getting destroyed – its all part of the plan. By its obvious and concerted attack on gold and silver, the U.S. government could not give any clearer warning that trouble is approaching.

      • It is my understanding that in times of turbulence or uncertainty gold is considered a safe haven. Can you elaborate on your reasoning?

      • Newbie it was all in the chart best to turn the noisy news off and focus on the chart. charts reveal everything you need to know without the need to listen to noisy news. Back in November when gold was trading around 1150-1180 I comment that gold would rally to over 1300, it hit 1307 just shy of my target zone, before resuming it’s decline to under 1100. we are now approach my bottom fishing target zone. below are two chart’s I post back on January 11, 2015 notice my prefer count per the red line.

        Gold Daily Chart: http://tos.mx/3qZXu7 (The varies daily bullish patterns are starting to break to upside)

        Gold Weekly Chart: http://tos.mx/rnvbt6 (The weekly double hammer continues to prove its muster that short term gold is in an uptrend and there is no need to fight it.)

        • NEWBIE says:

          El Mat, I don’t listen to the news. I don’t trust the news. Only the chart.

          Sheldon, your understanding is accurate in normal times. These are not normal times as much as the federal reserve, the federal government and the media want you to believe it.

          • I understand and then I wonder, when was the last time we had normal?
            Have a good night

          • tommyboys says:

            Paranoia will destroy ya…

          • NEWBIE says:

            tb, complacency will destroy you. At least paranoid people truly consider the possibilities and may even take preventative/precautionary measures in advance to be ready and ahead of the pack when SHTF. Never discount Murphy’s Law: Anything that can will go wrong.

  23. Barron’s cover page says it’s time to buy Japanese, I say it’s time to get ready to short the shite out of it so keep one eye on it (Nikkei potential next ATH zone 21500 – 22250 if it can pull it off). We know that when media tried this BS with Chinese stocks two weeks later it top and the Chinese market started to flash crash. So are the Japs next or is Jap Govt on high alert to prevent any Jap flash crash.


  24. opader says:

    Thanks Tony, as always your objectiveness in your analysis is very much appreciated.

    MY thoughts: http://balancetrading.blogspot.com/


  25. ko68 says:

    Thanks Tony!
    Do you expect a lower low for crude oil?

  26. M1 says:

    Happy weekend !!

    NAZ Preferred count has been upgrated
    NAZ Alt 1 and alt 2 counts slighty adjusted

  27. torehund says:

    The moment ECB stops oozing money to the Greek banks, Banks will have to offer INTEREST to keep themselves from insolvency. Thats the advent of inflation coming to Europe, an inflation that is impossible for the governments to handle (they are the ones that can’t handle it due to excessive debt), so the ECB will print until the Euro is weak enough for the countries to handle it. If they just extinguished national debts that would give Merkel credit and unite Europe, now she may do exactly the same (creating loss of currency confidence), but with no gratitude from the population. Quite the contrary, she will be blamed for causing hyperinflation.

  28. torehund says:

    Hope for greece..and the rest of us 🙂

    • joecthetruthteller says:

      Tore, Yahweh is name of jew God. Jesus is the name of Christian God.

      • torehund says:

        ..for me its all the same, all different religions are ONE, but to make money on it you need to have different “teams” fighting each other. You don’t get a league with just one team….then religion isn’t a “tool” anymore.

        • tony caldaro says:

          speaking of Tool … the schism that is humanity

        • Just like political parties.Dems and Repubs and all other labels should be eliminated.Go by the individual.Voting straight party is a lazy way to vote.But getting rid of party organizations would put a lot of worthless political types out of work so it won t happen….

  29. I don’t know. When I see Tony’s charts, this whole uptrend structure since the 2044 low looks like a Wave 1 to me. If that is true then Wave 3 is going to be sweet.

  30. Caldaro would a massive spike in GOLD and Silver surprise you next week?

  31. NEWBIE says:

    Can anyone tell me of any blog or website that is not Bullish right now? Excluding Prechter, Daneric or ZeroHedge? Its hard to find a site that doesn’t think higher highs or 2200 is not in the cards. It seems every blog is BULL, will the majority get it right?

    • Wait for the next HO Newbie…until then I m just waiting for 2080 to get filled.Good luck .

      • Maybe you can explain to me Newbie how the dollar goes from 80 to 97 anticipating a 1/4% rate increase.Really? (Also destroying gold stocks in the process).If I didn t know better I d say CB coordinated buying of the dollar to eliminate gold as an alternative investment would seem to be a reason for such an exaggerated dollar move.Europes economy is supposedly coming back so whats the excuse? Or is it just Goldman and the boys riding the dollar up like they rode oil up to 130 a barrel and down to 40.No fundamental reason for all that movement of price imho.

        • The European economies may be doing ok, well not Greece, but the euro has a lot of question marks.
          So I can certainly see the dollar being quite strong compared to them

          • Our economy just had a negative quarter from Jan-Mar…yet the dollar rose..my point is fundamentals mean little in any of this.So something else is the reason.We ll never know unless Yellen writes a book in 10 years.
            CHAPTER 1″Well we needed to get people to invest in stocks in 2014.Wage growth was miserable, interest rates for savings negligible.Gold was a competition for stock investment money.We said lets get Draghi and Abe and the Fed to bust the dollar out of its trading range and keep buying it.Gold bugs will get the message…and we all laughed.Eventually in 2016 when gold got down to $3.40 they capitulated…and we shook each others hands for a job well done.Oh the market crashed in 2017 but I had already bern replaced by Ivana Trump as Fed chairman”.
            Too fantastic or not?

          • tommyboys says:

            Learned – the dollar is simply the lesser or the evils. It has been this way for sometime – except in ’08-’10 when the world thought the Euro would be the next reserve currency – and will be for some time to come. Which other would you prefer to own?

        • Is it so difficult for you that maybe Greece or else is selling his reserve for some good reasons???

          • As I understand it, gold is decreasing only in dollar terms—because of the strength of the dollar…and things like this I m afraid, are never that simple.There s an agenda by CBs, Goldman Sachs types and maybe both as partners to keep yields low for stock buybacks, gov t debt issuance.Keep gold suppressed and stocks levitating.Certainly without a stock market at this level we would be looking at much worse economic realities…plus it just makes everyone feel better than if the S&P were at 666 or 900.

        • NEWBIE says:

          learnedmylesson, crazy times we live in.

          • tommyboys says:

            Equities & Commodities are often inversely correlated. Equities up in bull while commodities down in bear and vice-versa save a period of reflation like ’03-’07..

    • torehund says:

      Sids Elliot wave predictions.

    • crazyworld2013 says:

      agree. EVERYONE is BULLISH, i’ve seen this before when the boat gets overloaded to one-side then the market makers take it the other direction.
      market breadth is not good, rally (especially QQQ’S) led by a handful of stocks, GOOGL was responsible for 80% of friday’s move in NDX.
      i guess if AMZN & APPL & FB beat next week than market will rocket to the moon.

    • tommyboys says:

      Blogs are 40%~ish bullish this week and 30% bearish. Pretty neutral.

  32. JeffMilano says:

    Great update. Thank you Tony.

  33. torehund says:

    There is a global Whiff of nationalism emerging. This whiff has EXACTLY opposite effects in Europe contra to the impact it has in the USA.
    In Europe nationalism splits nations and EU, in the USA it unites and strengthens…
    Amazing how the world works.

  34. 56rambler says:

    Thanks, Mr Caldaro,

    When you say “Then we would expect another rally to a higher high than SPX 2129, before an even larger pullback” … What are you anticipating in terms of time and price? Sounds like more than a 20 pt pullback for what will be a minor ii wave?


  35. torehund says:


    ..here is the timeline index, enjoy 🙂 Where are we now ?

  36. jobjas says:

    Corrected count as pointed out by one of the readers – Correction as early as Monday

  37. NEWBIE says:

    Tony , thanks for another beautiful weekend update. Also thank you for dealing with my perma bear posts. I remember a few months back there was an indicator you mentioned, I believe it was your own indicator , whats the name of it? and it signaled a big move up and we got it. My question is , what is that signal saying now and what was it indicating at 2040 before the massive run up we had this week? thanks.

  38. Do I need to get the rubber gloves out to read your shocking report Mr C? Short term I m with you…waiting for 2080 gap to fill…then I ll give this a shot to run up.Not convinced after that but I ll keep an open mind.Still thinking a dead even year with one correction to come.Does your group anticipate a rate increase in Sept and what are the ramifications of that on equities Mr C? Thanks.

    • tony caldaro says:

      your rubber gloves will probably melt =)
      you’ll need a fire resistant suit
      not sure what everyone thinks about a rate increase
      personally think it will be a big positive for overall sentiment, and the market
      zero rates suggest anticipating the future with a sense of fear of failure
      raising rates suggests that fear has been put aside

      • tommyboys says:

        VERY well articulated rate/market effect at this juncture Tony – THANKS‼️

      • ctfp999 says:

        Another thought is rate increase will drive fund flow from bond to stock.

        • stephenk1980 says:

          Or into the dollar

        • tony caldaro says:

          True, especially junk bonds

          • pooch77 says:

            Would rate increase have 1 or 2 day negative effect,than after traders digest this and feel economy showing strength we go higher?Also lower labor costs,lower fuel costs ,and actually job cuts because of technology would boost bottom line for corporations and with more oversea exposure sales should propel market if dollar doesn’t go crazy? no? Maybe not so good for middle America but good for market?

          • tony caldaro says:

            a day or two makes sense
            labor costs are rising with employment
            USD will likely rise further since we will be the first out of the currency confetti game

  39. Page says:

    Great report. Thanks Tony.

  40. “Then we would expect another rally to a higher high than SPX 2129, before an even larger pullback”.
    Would you expect this higher high to break the 2131 pivot and thus probably go to the 2198 pivot before minor wave 2 of Int III.
    Thank You Tony. Hope you have a great weekend.

  41. Gary Lewis says:

    Wasting my day yesterday on YouTube. I saw that Lindsey Williams (the friend of the elites) is calling for a market meltdown in the Sept to Dec time frame. (wonder if his elite friend is Peter Schiff? haha) Could possibly coincide though the the mythical P4.

  42. torehund says:

    1924 Jun 2, Congress granted U.S. citizenship to all American Indians.

    I have fun looking at the world and country “timeline” and the roaring 20s. Interestingly the US toughened up on immigration too at that time. Such a move is highly inflationary, and if implemented at this time wages would rise (but if you can fuel former prisoners into the labor force for the lack of illegals, then it may balance the equation for the US ).
    Here in Norway we have until now feasted on the efforts of Polish workers, but as their interest have diminished (too high living costs/compared to wages) even Bulgarians have been contracted; then for starvation wages. Public buildings like hospitals are being built by underfed slave workers, the latter even having to visit “modern day” soup kitchens for survival.
    Sure if you have most Norwegians working for the government (inefficient “paper” workers producing less and less), the only way to hide inflation is to employ poor workers from the East of Europe. The rubber band is now stretched to the max and a surge of stagflation is just right around the corner. Europe is in for a helluva ride, place your money in the US.

  43. Many thanks for update.

  44. llerias7 says:

    Thanks, Mr. TC. “Then we would expect another rally to a higher high than SPX 2129, before an even larger pullback”. This larger pullback will constitute the minor 2 of Int.III ?

  45. Thanks Tony for your weekend OEW update. Looking forward to reading the special report!

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