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Mike Paulenoff

IWM In Potentially Bullish Coil

Thu Sep 12th 2024
IWM (Russell 2000 Small Cap ETF)-- Less than five sessions from the next FOMC meeting, when The Street is betting on at least a 25 bp cut in Fed Funds, IWM exhibits a potentially bullish Coil-type of pattern since its 7/31/24 high at 228.83 that my work argues is about 60%-65% complete, and when complete, will position IWM for a thrust to the upside that projects to 237 to 240... As long as yest's spike low at 204.21 down to the trailing, up-sloping 200 DMA now at 202.

Market Teases Both Sides Today As We Wait For Resolution

Wed Sep 11th 2024
Today we saw the SPX hold under key resistance and move sharply lower in the morning session only to hold over the previous low and make a strong recovery into the end of the day. We are currently testing the upper end of the resistance zone for the potential micro fourth wave and should we see that resistance taken out to the upside then we likely have put in at least a local bottom with the low that was struck on 9/6.

Silver Concern - Market Analysis for Sep 13th, 2024

Fri Sep 13th 2024
I know everyone is getting excited about silver right now.  And I do understand.  But, with this extension in what we are counting as wave 3 in this rally, it has brought a concern to the forefront, of which you must be aware now.I know I have not been a fan of the alternative count for that lower lower in wave 2, which I have presented in yellow, but with this extension, we are seemingly going to approach a potential (a)=(c) off the recent lows.  While silver can still provide us with a (1) which is at the 1.

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