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- Where is the Market Going?
Where is the Market Going?
Same Ol' Same Ol', until it is not
BraVoCycles Newsletter
February 08, 2024
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Table of Contents
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Market Summary
Same ol’, same ol’, the market keeps grinding up with interleaved sideways consolidations.
In the short term, today looked correct both down and up. With one more pop-up on Friday, it is possible to complete the wave pattern and rollover.
In the medium term, I expect a correction to commence soon with an initial cycle trough in March.
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SPX Short-Term
SPX spent today in a sideways consolidation, correctively down and up; see the chart below. This is looking like a micro 4th wave with a micro 5th wave to come to come, likely.
It is possible that the 5th wave is already in progress as an ending diagonal at the micro level. The CPI tomorrow at 8:30 am EST may provide a catalyst to complete the Elliott Wave pattern (the 5th wave) and reverse, TBD.
Bitcoin Update
On the exact low day in January (the 23rd), we published the excerpt below.
What now? After several attempts, Bitcoin broke the resistance and is heading toward the target near the last high I speculated about. Specifically, it generated the 80D cycle target to the green box (47.3-48.25k); see the figure below, and the probability of reaching it is about 0.7. Then, it should reverse as there are no higher targets. If it fails to reach the target, it would be a bearish indication that longer/stronger cycles are pressing down. Again, I apologize for the messy working chart. It provides the most accurate info in real-time.
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