Monday, July 13, 2020

SPX Update: Stubborn Market

Last update noted:

But now it's worth mentioning that there are only three waves down to 3115 so far. Which means bears need to claim and hold that inflection zone to prove they have the ball. Until that happens, we can't rule out the potential for another high to complete B/2 (and can't yet rule out the alternate count, for that matter).

And bulls held 3115, then managed to break above 3184, locking in the three wave move to 3115.  At least we recognized the inflection zone correctly in real-time, but this is proving to be a stubborn market at the moment.

In conclusion, bears are getting into a make or break zone for the wave 2 count.  A b-wave could break above 3234 and then still reverse later -- but if that breakout happens, bears will need to be very cautious, due to the potential of a nested third wave (the black alt. count).  We'll see how it goes today.  Trade safe.

No comments:

Post a Comment