Analysts are puzzled with sudden market U-turn and they do not buy into the bounce yet.
A look back into previous week analysis shows good accuracy with calling a bottom in the US stocks. Despite price made one more low the downtrend indeed has ended on that day.
SP500, 4hour (posted last week)
That new low was part of the bounce (wave b in expanded flat abc).
SP500, 4hour (updated)
Nasdaq is exactly the same as SP500.
Dow Jones Index has a bit different structure in the beginning of the downtrend, however now the price action is perfectly aligned with peers.
I can say that waves B can be very tricky and trading should be avoided. Instead I prefer testing individual stock ideas for the next couple of months that can prove to be more interesting than market indexes that have to work through wxy correction.
Once the structure looks complete and every analyst agrees that we are in a new bulltrend into 2023 and beyond - I will be looking to liquidate Market Avengers portfolio for the time being and prepare for the next final phase of sell-off.
It is not the intention of this report to give out buy or sell signals or any trading advice. This material represents my view on the markets and shall not be regarded as an invitation to open trading positions. The report and any materials on this site avoid discussion on politics and exist solely to provide an interpretation of what is happening in the financial markets.