Every now and then the market throws in a pattern that is just so rare and unpredictable that all you can do is shake your head. The recent chop zone featured not one, but two such patterns. We discussed the first one (an ultra-rare triple zigzag) back in December. The more recent rare pattern is charted below. These are the types of patterns that are so unusual that many novice Elliotticians can't figure them out even AFTER they've played out. And virtually none of us can anticipate them in real time, because nobody in their right mind anticipates the "1 in a 10,000 odds" pattern.
Bigger picture, there's no change:
Last update's triangle fake-out warning was timely, and the upside breakout target was captured:
(continued, next page)
RUT hasn't been playing along, though, and hints that there is at least a possibility of a bit more chop; in that market, anyway. Unless it's another "1 in 10,000 pattern," of course...
Same goes for BKX:
In conclusion, the bull market found a way to keep up its bull (ha!), as it usually does, and the preferred longer-term 2400 target for SPX is, of course, still in play. Trade safe.
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