Last update expected that 2099 would prove to be only a short-term low, and would be revisited and broken. That happened soon thereafter, and the pattern is now back in flux inside the seemingly-endless Noise Zone.
(By the way, today's update will be short and sweet, since I still have numerous personal issues demanding my time, energy, and attention.)
The first thing that jumps out on the charts was something I originally discussed more than a month ago, shown below via INDU:
SPX may be in a slightly different position, but if it has a complete ABC decline, the outcome will be the same as the blue count shown on the INDU chart above:
In conclusion, this isn't a pattern I would trade with anything but the tightest stops and nimblest approach, since we're back into a noise zone that has encompassed literally the entire year. As they say: There are old traders and there are bold traders, but there are no old, bold traders. Although, there are old, bald traders. Whichever is greater.
Or maybe they don't say that. But they should, given all the other nonsensical stuff the ubiquitous "they" have been known to blather on about.
Anyway, this is a good place to keep both sides of the trade in consideration. Bears need to break the 2072 low for things to have a shot at getting ugly, but as of right now, there's nothing in the pattern that screams that they will do so in the immediate future. Trade safe.
Continually talking out of his @$$. Wrote "Anyway, this is a good place to keep both sides of the trade in consideration." Either way market goes, he'll say he called.
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