Thursday, September 24, 2015
SPX Update: Keeping It Simple
I'm going to let the charts do most of the talking again today. First is the daily chart of SPX, which left a candle that suggests at least some upside follow-through is forthcoming:
Near-term, the pattern in SPX suggests bears should be cautious on a sustained breakout, which would target a fill of the noted gap.
Finally, there are now enough waves in place for the preferred count's C-wave to be complete. Note the addition of the black bear count potential, which would align with the chart above.
In conclusion, there are finally enough waves in place for a completed corrective decline. Whether it's complete or not remains to be seen, but the daily chart does suggest at least some upside follow through. If SPX can sustain a breakout north of today's high, then the next two upside inflection points appear to be the noted gap fill, and the 1990 area. Trade safe.
Posted by PretzelLogic at 10:17 PM