A comparison of indices
This analysis compares NDX, SPX, Dow Jones Transportation Index, and NYSE Index.
This analysis assumes that the indices are highly correlated and at similar points in their larger Elliott Wave structures.
This assessment views NDX, DJT, and NYA data as the primary wave 5 of SPX, whose data goes back into the 19th century.
NDX, had an extra impulse wave to complete, which allowed for the B wave in SPX.
It's hard not to see the five wave impulse in DJT, whose price has not gone above its 2021 high. It also makes me question whether SPX's bounce off October 2022 low has been corrective rather than impulse.
What I think gives this analysis some validity is the contracting ending diagonal wave 5 of NYA, which is the only way it can be labeled, given its position relative to the other indices, if indeed the other counts are correct.
Anything can happen, obviously, but I think the lesson from this possibility is for bulls to trend lightly.
This analysis assumes that the indices are highly correlated and at similar points in their larger Elliott Wave structures.
This assessment views NDX, DJT, and NYA data as the primary wave 5 of SPX, whose data goes back into the 19th century.
NDX, had an extra impulse wave to complete, which allowed for the B wave in SPX.
It's hard not to see the five wave impulse in DJT, whose price has not gone above its 2021 high. It also makes me question whether SPX's bounce off October 2022 low has been corrective rather than impulse.
What I think gives this analysis some validity is the contracting ending diagonal wave 5 of NYA, which is the only way it can be labeled, given its position relative to the other indices, if indeed the other counts are correct.
Anything can happen, obviously, but I think the lesson from this possibility is for bulls to trend lightly.
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