Wednesday, May 26, 2021

SPX and NYA: Bears Have a Shot

Since last update, SPX finally "officially' captured the upside target zone (and even exceeded it by 3 points for good measure):

NYA did "more properly" test the red trend line, as suggested last update:

In conclusion, there are now enough waves up for a completed abc rally (to thus complete Bear B/2) -- now we find out if that's what this is (still can't rule out the larger b-wave high, of course, so caveat venditor).  If it is, then the market may have begun Bear C/3 down yesterday.  Though, due to an "unclean" high, I can't entirely rule out a micro b-wave high, I'm going to act against yesterday's high for the time being.  In the event C/3 has begun, then Target 1 for SPX is 4026-37, and Target 2 is 3910-25.   Trade safe.

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