Friday, May 15, 2020

SPX and NYA: First Downside Targets Captured

Since last update, NYA gave a perfect tag of its red trend line (the first downside target):

SPX first downside target was the red dashed line, which it captured and exceeded:

The question now is whether yesterday's low is "it," and it could be... but I would say it's at least 50/50 on the potential of that low being a b-wave (meaning it would need to be tested/broken).  We'll be watching the first key levels as noted above for additional clues to hopefully help add confidence one way or the other (I'm very slightly leaning toward it being a b-wave low, but, as noted, it's close to being a toss up).  Trade safe.

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