Friday, October 9, 2015
SPX, INDU, TRAN: Time to Let the Market Lead
Just a few charts today -- the annotations explain everything. First is TRAN, which has developed into a bit of a conundrum:
Next is the IT INDU count, which -- as previously discussed -- does allow the possibility that ALL OF Wave IV is complete:
Finally, the ST SPX chart:
In conclusion, there are several upside inflection points for the bear count -- but bears should keep in mind that we've never been able to rule out the possibility that Wave IV completed at the crash low. The preferred near term count has had us looking up since SPX reached the target of 1865-80, so it's not as if we've missed out because we were "too bearish," as many others were -- it's simply a good idea to let the market lead now, and wait for clear signals. Trade safe.
Posted by PretzelLogic at 4:40 AM