Wednesday, September 28, 2022

SPX, NYA, BKX: No Material Change

Not much to add since last update, and SPX remains in the inflection zone that we began anticipating a month ago:

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.

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