I've studied a lot of charts since yesterday's close, and I was hoping to have something clear-cut to publish here... but in the end, it's probably a 50/50 bull/bear proposition at the moment, and I simply have to reiterate the "Yuck" sentiment from last update. Let's look at why.
We'll start with NDX, which we can see could either be a completed correction, or a b-wave low:
Likewise, SPX is sporting a rare wave that could be EITHER an impulse or a correction. Normally there's something to clear out one option or the other, but not in this case.
Not shown is INDU -- but INDU is the one market that makes me tempted to lean (if I had to, which I'm not) toward the bears very slightly, because its recent low looks very much like a b-wave.
In the end, though, I have to figure this as a 50/50 proposition, because there's nothing that screams the answer. Bears could take a crack at low-risk entries with tight stops if they're so inclined. Trade safe.
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