The [NEXT] 2022 Market Decision: BULL vs BEAR Standoff!
By Bennett Tindle September 8th, 2022
With the first major 2022 market decision behind us, and uptrend invalidation breached to the downside, you know I’m continuing to look lower in the markets.
In fact, right now I see a 60-65% probability that the indexes make new lows for the year, and only a 30-35% chance we turn higher from here.
And although I’ve remained mostly bullish, the decline should come as no surprise, as I’ve been very vocal about it in our email updates.
I emailed you before we got to the August 16th top, letting you know I expected markets to turn lower for the most important decision of the year.
That decision was designed to either secure the June low as the end of the correction, or alternatively we knew it would confirm the June – August rally as ‘corrective‘, setting us up for new lows on the year.
Then in our August 30th email, we discussed the level in the $NDX, that if breached to the downside, would confirm the summer rally as corrective…
That level was 12,175.98.
That same trigger point in the S&P 500 was 3945.86.
Now that both index trigger points have been breached to the downside, I expect the indexes to make new lows in 2022…
And while I’d love to see you join us at TradingAnalysis.com, it’s more important to me that you are prepared for what comes next…
… Which is why I need to take this opportunity to show you what to be watching for in the next turn lower…
If you recall, in June of last year I presented a chart of the Nasdaq 100 that suggested a supercycle degree wave would complete near 16,000, and set us up for a move back to 9,000.
And while I don’t think that’s the case, the scenario remains valid, and should be respected as a viable alternate if markets turn south for new lows, as I suspect they will!
So tune in as I take you through an extended market update, and I’ll see you back on the next one!
Bennett, this is really good Elliott. Thank you!
Excellant review Bennett. Thank you very much for your time and sharing your knowledge.