$iShares MSCI South Korea ETF(EWY)$ Looking at the South Korean AI stock market, the price action since the April 2025 low has formed what looks like a textbook Elliott Wave five-wave impulsive structure. It appears we are now in a fifth-wave blowoff phase within the broader global AI trend. In terms of Elliott Wave theory, fifth waves often show less dynamic price movement and slower speed compared to earlier waves. They're typically accompanied by lower volume and breadth. An exception is when the fifth wave is the extended wave, where price change can be more significant. In advancing fifth waves, sentiment like optimism and greed tends to be very high even as market breadth narrows. For an extended fifth wave, like some see in the Nasdaq c
One of the toughest parts in a strong market is figuring out when to just stay patient. $SPDR S&P 500 ETF Trust(SPY)$ $Invesco QQQ(QQQ)$ This doesn't look like a broken market to me. It looks more like a market that's digesting some major gains. Healthy consolidation after a big run is pretty normal. The trend is still something to respect, but it's also wise to avoid getting careless after extended moves. $Invesco QQQ(QQQ)$ saw an attempt at a breakdown, which failed, and it recovered quickly. That kind of resilience shows buyers are still stepping in to defend on weakness. The bigger picture still looks constructive overall. I'm watching to s
$SPDR S&P 500 ETF Trust(SPY)$ Looking strong here, holding above key short-term moving averages and breaking the trendline. The MAG7 is starting to wake up again. $Invesco QQQ(QQQ)$ is a bit softer versus SPY, but still healthy and above its major averages. One thing to note: $Invesco QQQ(QQQ)$ took out its 6/26 low yesterday, so I'm watching for follow-through.