Monday Update 02/27/2023

 In Thursday's Update I mentioned the possibility of another move down for SPY, probably below 396, followed by a move higher. Friday opened with a gap down, opening just below that 396 level at 395.54. Most of the day was spent bouncing around the 394-396 level, with only a couple of failed attempts to break through that 396 level. Today opened on a firmer note, with SPY gapping up back to the 400 level. I have also mentioned 402 as a near term resistance level, and SPY reached 401.29 before spending the rest of the session giving back most of those gains, falling back to 396.75 before rallying slightly into the close.

 Friday's drop below 394 was slightly more than I was anticipating, which again still leaves several possibilities from this point. There is still short term resistance at the 402-403 level. The primary short term count still calls for SPY 406-411, but the 402-403 may be all it can muster. 

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TSLA 02/23/2023

 TSLA continued the rally off yesterday's low at the open. A gap up brought it to 205.14. That proved to be the high of the day, as TSLA soon dropped back to 196.33, before working higher through the afternoon, closing at 201.99.

My count from yesterday's update remains the same, as I am still looking for a move to 212 - 234. Please help fund further research.

Thursday's Market Update.

Thursday Market Update 02/23/2023

 After finishing yesterday's down day in decidedly oversold territory, they market started with a bang today. A gap up opening took SPY to 402.20 within the first half hour. That initial enthusiasm soon faded, as SPY then tracked down below yesterday's low to 396.35 just after noon. After that the market regained it's footing and rallied back near the opening high to 401.62, before selling off slightly at the close. It fell back near the 400 level at 400.41 before closing at 400.64.

When the market opened higher above the 402 level, it looked like we were on our way to the 407 - 412 area I mentioned yesterday. But the decline below yesterday's low took care of that in a hurry. The start of this wave from 418.31 was choppy, and so several  counts are possible. One such count I outlined above, as the February 14-16 action can be counted as A-B-C of an inverted corrective wave. Today's opening move higher was Wave E and the decline then finished Wave D from the 14th. The conservative count from here still calls for a move to 406 - 411, followed by another move lower, probably below 396. 

A second count would call for a move back down to the 396 level from here, before commencing the rally to the 406 - 411 level. A third count points to today's low as being the completion of a 5 wave sequence from the 418.31 high.

The 402 area has proven to be a resistance area, and you will notice that many of these wave options see that as a significant point. The same can be said for the 396 level. The 406 - 411 level seems to be the next area of interest. If that level holds, a move down to 396 looks probable. A break above that level could point to today being the end of the 5 wave sequence.

Wednesday's Update

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