Monday, June 13, 2022

SPX Update

So last Monday's top call will prove correct with the new low we'll see on the open.  

How low can it go?  Well, BKX suggests there's room to run if it wants:

Long-term, I almost prefer to watch trend lines at the moment:

US Dollar will hit its next target:

In conclusion, I began this update with what seemed like plenty of time, then lost myself in the charts and ran out of time (!).  The short version bottom line is that we appear to be in a fifth wave, which means either we drop into the old target zones and find support, or we get a fifth wave extension and crash.  Since a crash is very possible in this position, bulls should await an impulsive rally before acting aggressively.  Trade safe.

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