$TNA
Moore’s 2C-P came down today to 79.50, falling 6.47% while SPX was barely up .39%, this is a nice divergence at the highs, and would strengthen our cautious but bullish approximations, the divergence could indicate we’ll see more sideways consolidation before the market can gain some traction to new highs, is not much but indicates traders are bearish this market while it moves up.
FNG’s cyclical analysis is still looking lower into the 21st, but with cycles so oversold we question how low the market could go before starting to rally.
We would have liked TNA to hit 107.80 or 1% extension to add more certainty to our projections, but as seen on this chart (link) we came too close to .886 retrace; for tomorrow reasonable probable target is 108.50 or 1.382 extension for this overlapping i-ii-iii-iv-v, chart here (link), above 108.50 would suggest 109.07 is solid target to sell the trades; 109.47 is possible but not reasonable probable.
$GE
32.57 is next ideal extension for GE, support should be 31.85, once at 32.57 we should consider 32.47 as support.
$IBM
Two potential counts
First approach: If in 1-2 of 3 for 184.50, support for IBM is at 162.05, chart here (link). Breakout line should be 170.62 with support at 167.83.
Second approach: it’s a blue count, difference is we added a zero and we consider this is macro move with a running flat for wave II, ideal support is 159.08, as seen here (link), breakout extension is 171.72 with potential resistance area at 177.36, the change would be that in this count we should modify target to 195.64.
Looking at the weekly, please notice how 172.47 and 181.11 were huge resistance in the past, chart here (link), so we can take clues from First Approach and consider any pullback that holds 167.83 as buy-able for 181-184.5.
Obviously it would be better to buy standard retraces at 162.05 or 159.08, but in case they don’t materialize we should try to buy according to price action at the breakout and support levels that we mentioned.
$VRX
I will post this chart for VRX here (link) still needs to print five waves up, ideally at 15.33, support for wave iv goes from 14.19 to 14.11. We will assess the retraces after 15.33 is hit to determine how bullish VRX could be.
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