Friday, March 3, 2017
SPX and BKX: November Targets Captured
Well, November's 2400 target was finally captured, good for about 200 points of profit. Amazingly, it was captured to the point -- and shortly thereafter, SPX suddenly dropped like a rock. Bears undoubtedly want to know if we're "there" yet, and the chances are that no, we're probably not. However, a decent near-term correction can't be ruled out. I'll let the charts take it from here:
A closer look at SPX:
And an update to BKX, which has also captured its first November target zone. Here again, we can see that the waveform would look better with at least one more 4 and 5... possibly more (from a larger perspective):
In conclusion, SPX and BKX have both captured intermediate target zones, and the market reacted. We could see a near-term correction now, but odds are good that the bull market is still underway in the bigger picture. That said, we'll keep an open mind to all options for the moment, and do our best to react appropriately if the market dictates that we need to. Trade safe.
Posted by PretzelLogic at 4:28 AM