Monday, February 24, 2020

SPX Update: Confirmed -- and Confirmed

Last update claimed that a new low on Friday would confirm an impulsive turn, and that new low happened, thereby providing fair warning to bulls that my "out on a limb" C-wave count (first discussed on Feb. 7) back to the January lows was likely underway.  Today's open will confirm my initial read:

In conclusion, there's not much to do today other than take a quick victory lap, and hope that my fairly stubborn insistence on sticking by my initial read has helped readers.  This decline is a clear extended fifth in SPX, so when it does bounce, it will be fast and furious, so stay alert to impulsive rallies -- but keep in mind that it can extend further.  We'll take another look at additional potential targets next update, if needed.

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