Swiss SWI20

This weekly view of the SMI indicates resistance, but what wave is it that is at this resistance? It is a new high but it does not appear to be Intermediate (1) due to the muted (~23.6%) retrace of the preceding bull trend. A retrace in closer proximity to [4] (~38.2%) would be far more acceptable.

This is a daily view of the same index. The divergence has a message. In the background is the omnipotence of the Fed and their banking interests (which are jokingly said to be of no importance to them). The fall into (A) was a revaluation caused by the Fed stance on its desire for rate increases. The reaction since (A) is a false value restoration caused by the Fed reversing its stance for rate increases. Their banks are doing extremely well with absolutely no risk. POTUS is grumpily unimpressed and may well make something happen to bring meaning to the word "free" in the expression "free markets". The term "the land of the free" has been an increasing joke for long enough already. 

Swiss SWI20

The desire for irrefutable alternation can become an obsession that is probably ingrained by unwanted experience. This pattern analysis of the hourly Swiss SMI appears to have finally completed the Minor wave 3 whilst still remaining slightly wary of the ABC. Appearances have been quite deceptive throughout this wave, as they often are when the market is juggling the euphoria of a prospective resumed 'normality' with bouts of becoming uncertain and then perturbed.

S&P 500 Index & SMI charts

This next pattern analysis of the daily S&P 500 index sees an abc pattern of the giant B-wave. Best fit is 5-3-5.

This next pattern analysis of the hourly SMI chart sees the same thing. Also 5-3-5.

Swiss Index, SMI

The 2-hourly SMI is seen here to have passed the half-way mark for Intermediate wave (1) towards the end of February.