Near-term, bulls still need to start recovering some of the broken trend lines:
SPX was rejected at the purple line we discussed in the last update:
BKX is in the same position, though, since last update, it has "officially" confirmed the July read of a b-wave low (by breaking that low) -- but there was really never any serious doubt that it would:
NYA, likewise, is currently three waves down:
In conclusion, no real change since last update. All markets appear to be three wave declines so far, which means that any large bounce from here would create a new b-wave low (meaning the low would eventually be broken), because these patterns need to be five wave declines to be truly complete. Thus we remain in a near-term inflection zone, where the market could choose to delay a bit longer, but bigger picture, the trend still remains down. Trade safe.
No comments:
Post a Comment