Friday, July 22, 2022

SPX and BKX: Wait and "C"

Since last update, SPX continued up toward the "straightforward c-wave" target zone of 4005-45, ending the session just shy.  Let's start with the near-term SPX chart:

Interesting to notice how the target for black C lines up with red resistance on the longer-term chart:

BKX has done the minimum that was required for a b-wave low, c-wave rally (a presumed expanded flat, in this case), but could certainly support higher prices if it wants to adhere in a more textbook fashion:

In conclusion, while there are still other options here, for now we're going to stick with the most straightforward of them (which is: black wave C, as discussed above), and wait to see how SPX reacts to the upcoming resistance zone, in order to determine if we even need to discuss any other options.  Trade safe.

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