Yesterday, SPX and INDU both made new all-time highs, so I'm glad we didn't get bearish near the recent low. This market still isn't doing anyone any favors as far as future predictability, but we'll look at a couple options today.
First off, near-term, it appears we probably have at least one more wave up still remaining:
From there, the market has the option to put in a simple, short fifth wave -- or the option for an extended fifth. Almost every wave lately, across all wave degrees, has developed an extended fifth wave, so it's not a bad idea to be wary of one developing here.
The extended fifth would allow a possible "resolution" higher, if it occurs, and could prelude a much larger correction -- while the market's other option would be less direct.. The other primary option here is for an extended sideways chop zone to develop. Such a chop zone would leave the high unresolved, suggesting an eventual resolution higher from said chop zone:
In conclusion: Recently, markets have been somewhat fractured, with RUT still well-off its high, NDX a little below its high, and SPX and INDU at new highs. This is not aiding in "predictability" here, but I'm expecting things will clarify in fairly short order. Trade safe.
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