Monday, October 21, 2019

SPX Update

Last update predicted:

Wednesday appears to have been a triangle, which makes Thursday a fifth wave, at least at one degree (if not more), which means we should at least see one more wave down today and/or Monday... From there, the question is whether the decline will turn into an impulse, but bears at least have a chance to turn things now, so we'll see how it goes.

The Wednesday triangle/Thursday fifth wave was confirmed by Friday's price action, and we got one more wave down.  The decline from Thursday high has not yet turned into an impulse, though, so bears still have work to do to get beyond that "one more wave down."

In conclusion, last update's read of the short-term pattern was correct, and that pattern is now resolved.  Bulls can move on to break 3008 now if they want, but the all-time high is still the meaningful level.  Bears, of course, need to break Friday's low to get anything going.  Beyond that, no change and we still remain stuck in the no-man's land I warned about a week ago.  Trade safe.

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