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Last week I projected a new T had been formed, missing one key ingredient–The Volume Oscillator and the McOscillator needed to move above the last descending peak reached before it moved below the zero line. I expected that momentarily, and that has still not occurred. We were also hoping for the VO and McOsci to stay above the zero line to create a Complex Bullish move, which they obviously have not. I’ve changed that to a T not yet confirmed. I remind you that the VO shows a lower low than…
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Last week I stressed that we were looking for a low, expecting a positive formation out of that low, and that support existed at 5695. The low for the week was 5696, and from there we just took off. This T has passed all of the parameters of forming a T, with one major exception–neither the VO nor the McOsci have yet passed the last peak prior to moving negative. In the case of the VO, we are about 2 points below. In the case of the McOsci, we need to…
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The main T-Theory chart is searching for a low that can initiate a rally in equities. As mentioned on October 6, I was looking for a Point of Recognition around October 26-29. It began a day late, and continued through the next day. These PoR have been good for returns of roughly 3% when they occur. The high on October 25 was 5862, and the low on October 31 was 5702. The close yesterday was 5728. We’ve since broken through the green line of support drawn on the McOscillator a few…
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As you may have noticed, I haven’t offered a new post for over a month. Thanks to all who have read (and commented) on my posts. I hope some of the concepts created by Terry Laundry helped you navigate the market since my first post in January 2020. To date, this site has been viewed almost 150,000 times. I’m humbled by that, and by the 300 readers who subscribe by email to this free site. Thank you. These posts began as a corollary to posts I offered on Elliottwavetrader.net. My posts there…
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T-Theory Thoughts 