Minor Cycles Peaking

UUP (dollar ETF)

UUP has rallied to the top of its minor declining channel.Best bet is that it will now retrace again; but if it does not and keeps going, it will prolong the intermediate trend represented by the blue channel

GDX (Gold miners ETF) daily

If UUP retraces right away, it will allow GDX to push a little higher to the top channel resistance (dashed line). It’s unlikely to go beyond that level until it has undergone a more prolonged correction.   

ACB (Aurora Cannabis) daily

ACB probably has more correcting to do before it can break out of the purple downtrend, especially if the market undergoes the anticipated correction.

BNO (U.S. Brent oil fund) daily

BNO has completed a consolidation phase and is likely ready to extend its correction.                         

Summary 

Various technical conditions listed above suggest that a market correction should take place as early as next week.

Current Position of the Market

SPX: Long-term trend – Final long-term phase on the way? How much longer, is the question.


Intermediate trend –The intermediate-term correction continues to unfold.

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Analysis of the short-term trend is done on a daily basis with the help of hourly charts. It is an important adjunct to the analysis of daily and weekly charts which discusses the course of ...

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