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.

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