Something Special in the Air

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I have three things I wanted to cover.

First, a self-interested request: if any of you are involved in remodeling (as a contractor, a vendor, or anything else related to home improvement), I’d really like to hear from you. No, I’m not remodeling my house……..I’m simply doing some research for this new business project that I’ve been so secretive about (and which some of you are testing). So if you have remodeling background, particularly as a business owner, I would love for you to email me by clicking here. Thank you!

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Weak Highs

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The tape didn’t actually move much yesterday, but nonetheless the bears had a very decent technical day. On SPX It looks very much as though the possible falling wedge I posted yesterday morning may be in play, and if so that is very significant, because in this context that would be an EW ending diagonal, a terminating pattern that in turn is the final move within the much larger rising wedge / ending diagonal from the October low. I’m very much liking the odds of putting in the spring high in this area.

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GPS Looking Lower

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GPS experienced significant downside last week, in a move that I count as capitulation under my base case. Though Friday’s unrelenting rally did make some progress in beginning to repair that decline, initial confirmation of the perspective shown under either of the two counts on the attached chart is a rally to 40 area. Until then, it is reasonably probable that GPS may have, indeed, broken down. My base case, however, remains that October low (35.46) will not be broken without a move to 43.85 at a minimum. Not planning any changes to this position, at this time.

full-73bfe75a1ab5f663c01d788f1361f929379e3f7d

by Xenia Taoubina, ElliottWaveTrader.net