Market comments

Unlike some Weeks, there is a lot that can be commented on. Such as there was a Key Reversal Day on Friday in the Indices's. I tweeted that there were going to be some challenges in the wave count and the markets moves at the beginning of the week. I made that statement referring to the fact that the Harmonic counts were entering a place where their are several different levels of waves (fractals) that were going to collide in the same areas proximity. We are going through the 3....4.....5 @ different levels. You can Imagine
that the counts could look like a wedge ....(a complex wedge) or other complex Triangle.The NASDAQ
will probably have down days while the DOW & S&P have up days trying to complete the cycle.

The Harmonic Wave counts and projections do Point to Higher levels, but it will not take but a few intraday breaks to send this downward.The Structure as a whole has not had much in the way of deep pullbacks and it's Harmonic count has become so overextended and has so many Fractals (complex) that when it starts breaking it will get ugly quick.

I'm always on the look out for Patterns (classic Bulkowski) that might give a clue in the break down in the Structure. When the Wave count starts to get shorter in the actual projections and there is a Pattern, whether
Classic Bulkowski type patterns or an Harmonic Pattern....Get Ready. Every time I question the Harmonic Wave count it comes back to show me how accurate it is.When there's ambiguity in the count or when  it becomes complex I step aside and wait, because I know that it needs more time to show it's hand.

www.stockcharts.com  

Here's a chart of what I refer to in the Composite. The wave count has started the 3...4...abc...5..cycles. Any Break of the previous wave -b- will till the story. It could go to the grey line I have marked for an possible wedge. Then project forward to mark the next 3 wave with the 4th being deeper than the current 4th wave. It would cause quite a stir with the TV Pundits whom think they have to mark every turn with some-kind of news.Calling for tops and getting mud on their face, but never coming back to say I was dead wrong!