Friday, May 17, 2024

SPX and BKX: SPX Captures Upside Target

Since last update, SPX continued tracking the preferred count and captured its first upside target:

I was asked to update BKX, so here it is.  This chart actually already contained all the relevant information, specifically: that bear 1 would invalidate above 105, that this would not invalidate the larger bear 2/b, and that the upper blue line (+/-) would then become the next likely target:

In conclusion, with SPX's target capture, things do feel a little trickier again, despite the fact that, at the moment, I'm inclined to lean toward the idea that 4/5 up are still needed.  But that's certainly not a given, so we'll see how it develops.  I'll try to update oil in the next update.  Trade safe.

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