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Technical Analysis Breakdown: NYA

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Sometimes it makes sense to draw parallel channels from secondary lows and Live Angles rather than absolute lows or highs.

Note what may be a recent Pinocchio (false push) over the red Live Angle on the daily NYSE Composite (NYA) chart from May 2015:

Interestingly, this week's high ties to the upper rail of a parallel channel.

A reversal from this level is important because a clear 5 wave potentially culminating wave can be counted from January.

This NYA shows the likelihood of a 5th wave down of some degree playing out.

The decline into last August being a wave 1 followed by a wave two up into late 2015 and then a waterfall down into January/Feb 2016.

From there a wave 4 advance unfolded with an A B C two-step decline tracing out a wave 4 into the Brexit Low.

From there a smaller set of 5 waves can be counted.

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