Monday, September 18, 2023

SPX and COMPQ: W__s on First

Last update opined that SPX had formed a WXY complex corrective wave (a WXY is two 3-wave structures, such as two abcs, connected by another 3-wave structure called an X wave) -- personally, I hate WXYs, because the options for such a structure can be endless and thus "WXY" becomes a call that's dependent on your prior reads and bias -- but it appears that's exactly what it was.

COMPQ is on the edge of a breakdown, so we'll see if bulls can muster any kind of bounce here or not:

In conclusion, so far, there's nothing that's happened to give bulls much hope, so while bears still have some work to do, they do still appear to have the edge at present.  Trade safe.

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