Monday, December 4, 2017

SPX and COMPQ Updates

I have to admit, although Friday's market didn't rally a few more points (as I'd hoped) for a cleaner retest of the high prior to dropping, I'm still rather proud of the call.  It's one thing for the people who call tops every other day, but I've stayed consistently bullish for months, then shifted my stance at the perfect moment.  Can't do that perfectly every single time, but I did this time, and I do hope these last few months have been quite profitable for my readers.

We're going to get right to the charts.  A reader asked about my long-term outlook recently, and it is unchanged (for the moment -- I sometimes balk at overly-long-term projections, because the market is such a dynamic environment):

Near-term, the big question is whether wave iv is entirely complete, or if it's going to become more complex and drop back down to break Friday's low once before rallying for real:

In conclusion, there's no change, and I still suspect we're in a "blow-off top" extended fifth wave (that's what extended fifth waves do).  Trade safe.

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