In our last major analysis of COMP [see: Oct 13, 2022 Update] we noted that COMP hadd reversed within 1% of our upside target in 2021 and had subsequently dropped to within 0.3% of our 10,122 target.

Since then, it’s been a battle. COMP finally rebounded to our 13,873 target at the yellow .618 Fibonacci retracement…only to reverse at the .707 Fib at 14,418. Since then, it has been on a wild ride, giving up 2.7% yesterday after failing to break back above its 50-day moving average.

Its rebound at its Aug 2022 highs was so convincing, we had our doubts as to our 12,828 downside target. It’s now looking like a distinct possibility again.

continued for members…

Note that 12,828 is the bottom of the purple channel…

…which COMP has clawed its way back into after falling out of it in May 2022. The purple channel is COMP’s best opportunity to break above the red channel midline. If it can’t, then we could see COMP retest the 2022 lows.Stay tuned…