G'day

The sideways mess continues. This weekend I saw the potential for a wave Y forming a triangle, and that's a triangle that would conclude the correction.  It is an idea I have to point out, although this triangle in the "Y" position is pretty rare.  Anyways, in this scenario it is not required to go under the May 27th low.

So over the weekend there was a weak bounce, and yesterday we started to go down again. It is interesting that the decline stopped at the right place to keep the triangle idea alive. Low enough so we connect it with the 0-line without cutting off any price action, but not below "c" of the potential triangle. Since the conclusion of the triangle there was a little bounce, then backtest of the triangle trendline, at this point there is no indication of a huge reversal (yet).

I posted this idea earlier today on my twitter account, but thought I would also share it with the blog now that I have some more time.... 

We have to see if it this idea plays out, it's a potential that I see but I cannot guarantee anything.  It is certainly good to keep this idea in mind, and if there would be a pump later today, it could be the real deal. This idea is dead if we go below (c) of the triangle. A rise above yesterdays high would be a good start.

If this triangle for Y is not correct then we have to follow the orange labels with an unfinished triple that could go below the May 27th low, although it can also truncate if it wants.

Later today there is a conference to discuss internal documents related to Hinman's June 14, 2018 speech, although I don't expect huge news from this conference it could be interesting, you can call in and listen to the conference, here are the details to do so :

June 7, 2022, 3PM EST (21:00CET)
Conference Call information:
USA: (877) 226-8215
International: (409) 207-6982
Access Code: 4713826#

That's all for now.