Friday, August 7, 2015
SPX and INDU: Time for Bear Caution
First off, I apologize for the brevity of the recent updates. I promise a more detailed update this weekend.
Let's get right to the charts. The last few days have been wonderfully-profitable for forum members, as I've been pointing out the turn zones on the board in real-time-- and (sorry to toot my own horn) have nailed most of the them quite accurately.
At this point, we're into a major inflection zone, since SPX has now completed the requirements for a double-retrace:
INDU is in a larger inflection zone:
The bear option for INDU is that we're in the process of forming a massive nest of bearish first and second waves. Watch for sustained trade beneath long-term support for that option to become a significant potential.
In conclusion, we're at a major inflection zone for both the near-term, and the intermediate-term, as outlined on the charts. Trade safe.
Posted by PretzelLogic at 3:35 AM