Market Updates

Positions Report – 5/9/23

Written by

Knox Ridley

Technical Portfolio Manager

Published: May 10, 2023

Last Updated: May 10, 2023

I’m maintaining the count that I have been tracking for many months. In short, we are close to completing the last bear market rally before the final leg lower. It is very rare to see a complex correction play out on such a large scale. However, the pattern and character of this bear market fits the pattern quite well. In these complex corrections, one of the hallmarks is that the final legs are stretched out and take longer to complete in relation to the first few legs.

I’m maintaining the count that I have been tracking for many months. In short, we are close to completing the last bear market rally before the final leg lower. It is very rare to see a complex correction play out on such a large scale. However, the pattern and character of this bear market fits the pattern quite well. In these complex corrections, one of the hallmarks is that the final legs are stretched out and take longer to complete in relation to the first few legs.

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