Wednesday, September 14, 2022

SPX Update: Market Rejected from Noted Inflection Zone

Last update indicated 4100-4121 as a possible inflection zone that could complete the rally, and the market was strongly rejected from that zone.  In fact, INDU has already made a new low:

As I see it, SPX basically has two possibilities:  Collapse now or collapse later.

On this next chart, SPX topped directly on last update's first "2/B?" label, so I had to move it up slightly so it wouldn't be covering the peak:

In conclusion, the market does have the option for a complex correction here, but I continue to believe, as I have since August 19, that the top is in.  Be aware that the most bearish potential here is for us now to already be within a nested third wave -- and nested third waves are often "waterfall" or outright "crash" territory, so bulls should be exceptionally cautious heading forward.  Trade safe.

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