On Wednesday, I suspected SPX would decline to at least 2840, and that happened before the end of the session. Then the market decided to make things really screwy, and now it's not clear whether the decline is done or not. Yesterday's low was an overlapping mess, which is often characteristic of a B-wave. If the low is a B-wave, then it will not hold. But this is a very, very tight call at this stage, so tread carefully.
In blue (projection lines) is my current lean, subject to change if bulls show significant strength here:
Same deal on INDU:
On the long-term chart, INDU exceeded its minimum target, and it resolved what it "needed" to, which is what puts the current charts in a bit more doubt than they recently were:
In conclusion, Wednesday's projection and downside targets were captured and exceeded. I've described the situation as I see it now, but my confidence isn't outrageously high at the present juncture, so we can't rule out the bottom being in. Trade safe.
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