The MMA range bar study suggests a diagonal in the first leg from the low up is coming to an end with 5 waves in the contracting pattern. The momentum study counts as such and is obviously overbought on the approach to the 15722 high. A corrective pattern that squeezes down to the golden spine would set up a great buy opportunity and leave early shorts in the dark cold waters. I have already bitten my short bullets and hope to make up for those losses with longs in due course.
The cyclic phasing study highlights the prior momentum nest and again with hindsight, it is obvious that the recent low came in short time compared to the previous low to low cycle (pink boxes). This might mean this current cycle runs long and that would fit with a new high coming, supported by clean break of the 85.4% speed line (red dashed) of the previous high to low. The 45 degree Pyrapoint line at 15329.82 would fit with the Gann Grid Square line noted in the first chart and if the corrective pattern was very flat, it would lay over the topside of the 85.4% Speedline like a feather, whilst reaching out to the LTL of the Regression study. For sure, the momentum study needs time to unwind and this scenario would frustrate the hell out of bears.
On the shorter term study, I continue to seek a EW count that sticks and this one follows the above thesis. A break of the red weekly FLD would usher in the correction but I think the green 20day FLD will hold it in due course and set up the buy signal. For now, sitting and watching.
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