Friday, May 17, 2019

INDU Update: So far, so good...

Well, not much to add... "so far, so good" for bears.  On May 13, I published the following chart:

Here's what it looks like with the updated price action:

SPX would be expected to track INDU closely (over the weekend, I'll probably draw up a more detailed SPX chart).  Keep in mind the option for a more complex red 2, wherein INDU/SPX would likely test/break their recent lows, then could bounce again all the way back up to yesterday's highs.  Additionally, I can't entirely rule out a diagonal c of 2 yet, but that looks like an underdog.

In conclusion, bears aren't 100% on their count yet, but things look as good as they can look at this stage for them.  Trade safe.

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