So, no real change since last update. SPX is now in the "common target zone" for a (B) wave, if that's what this is. Again, a (B) wave (if it develops) is only near-term bearish, it's still intermediate bullish.
INDU is still not joining in the party:
In conclusion, if bears are going to get a near-term reprieve, they probably need to start working on that pretty directly (the e-mini futures did react to the inflection zone on Friday -- we'll see if bears can do anything with that). First step for bears would be an impulsive decline. Again, (B) wave highs (or lows) are always ultimately expected to be exceeded, no matter how strongly the market reverses away from them -- so if bears DO get an immediate near-term reprieve, ironically, that's ultimately bullish. If the pattern instead continues as an immediate bullish pattern, then it will still need a larger fourth wave, to pair with the red B/2 on the first chart. Trade safe.
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