Mark Rivest

Crude Oil Update – 05/05/23

The 04/16/23 blog “Crude Oil Elliott Wave Pattern – 04/14/23” illustrated that a Primary degree bottom for Crude Oil was probably made at the 03/20/23 bottom. About one week after that bottom Saudi Arabia announced an Oil production cut which pushed prices even higher. The 04/16/23 blog noted “The current rally and potential rally laterContinue reading “Crude Oil Update – 05/05/23”

Expanding Flat Correction Complete – Part – Two

Additional evidence that an Elliott wave – Expanding Flat correction probably completed at the S&P 500 (SPX) 05/04/23 bottom. The chart illustrates a textbook Elliott wave – Expanding Flat. The pattern when correcting bull moves is composed of three – waves down, three waves up, and five waves down. The SPX – 15-minute chartContinue reading “Expanding Flat Correction Complete – Part – Two”

Expanding Flat Correction Complete – 05/04/23

The 05/03/23 blog “Wild Oscillations” noted that the Fibonacci Inverse ratio of 1.145 was a characteristic of an Elliott wave – Expanding Flat or a Running Horizontal Triangle. Today 05/04/23 the S&P 500 (SPX) completed what appears to be an Expanding Flat. The SPX – 30 – minute chart courtesy of Trading View illustrates theContinue reading “Expanding Flat Correction Complete – 05/04/23”

Wild Oscillations

Since 04/25/23 the S&P 500 (SPX) has experienced dramatic swings up and down. On 04/25/23 the SPX had a powerful move down breaking strong support. Then suddenly on 04/27/23 a huge move up that pushed the SPX to a new post 03/13/23 rally high. Finally, just after the open of the SPX 05/02/23 session, aContinue reading “Wild Oscillations”

Examination of Long and Short -Term Interest Rates – 04/28/23

On 05/03/23 the U.S. FOMC will announce their decision on short – term interest rates. A look at the charts of 13 – week U.S. Treasury Bill rates (IRX) and 30 – year U.S. Treasury Bond yields (TYX) give hints to what may happen in the coming months. The monthly IRX chart courtesy of TradingContinue reading “Examination of Long and Short -Term Interest Rates – 04/28/23”

Cycle Top Due on May 5, 2023

Since May of 2019 there has been an effective Fibonacci time cycle connecting three S&P 500 (SPX) peaks. The cycle is 336 – trading days, approximately 16 – months. The cycle is based on the Fibonacci time ratio of equality 1/1. The daily SPX chart courtesy of Trading View illustrates the cycle. Using the nextContinue reading “Cycle Top Due on May 5, 2023”

UK 100 Secondary Top Could be in Place – 04/27/23

The 04/23/23 blog “UK 100 at Sell Point? – 04/21/23” noted the UK 100 (UKX) had reached an area of chart resistance. Since then, the peak at 7,936 has held. The daily UKX chart courtesy of Trading View updates the action. Price has begun to rollover. The daily RSI has crossed below it’s movingContinue reading “UK 100 Secondary Top Could be in Place – 04/27/23”

Alphabet Inc. Could Signal an S&P 500 – Shorting Opportunity

It’s possible the S&P 500 (SPX) completed an Elliott wave – Inverse Horizontal Triangle, if so a multi- month decline may have begun. However, one important company Alphabet Inc. (GOOG) could be poised for a culminating rally. The daily SPX chart courtesy of Trading View illustrates its prime Elliott wave count since January 2022. TheContinue reading “Alphabet Inc. Could Signal an S&P 500 – Shorting Opportunity”

Break Below Powerful Support – 04/25/23

The 04/20/23 Blog “The Next S&P 500 Support Level” noted the S&P 500 (SPX) had Fibonacci support at 4,107.06 and 4,108.06. Also noted, “When you have two Fibonacci coordinates that are very close together it represents powerful support/resistance. A break trough of powerful support/resistance would require powerful force.” On 04/21/23 the SPX bottomed out atContinue reading “Break Below Powerful Support – 04/25/23”

UK 100 at Sell Point? – 04/21/23

The 04/19/23 blog “UK 100 Near Sell Point – 04/19/23” noted “The UKX has reached the resistance zone and a small rally could complete the Minor wave “2” formation.” The 3 – hour UK 100 (UKX) chart courtesy of Trading View updates the action. The upper end of chart resistance was estimated to be 7,975,Continue reading “UK 100 at Sell Point? – 04/21/23”