Friday, June 28, 2024


Last update wondered if SPX would catch up with futures to thus behave according to Monday's real-time prediction, and it ultimately did.  Thing is, this wave structure is less than clear, so let's take a look at the chart really quick:

Interestingly, INDU is still leaving open at least the near-term bear option:

COMPQ might indirectly argue more for the bull case, though it's always possible COMPQ makes a new high as part of a complex IV or to complete V:

In conclusion, there's not a lot of agreement across markets, which makes it all but impossible to make a high confidence call here.  If I was forced at gunpoint to offer something, I'd probably lean toward SPX correcting some more (either with or without a modest new high), then (after correcting) going on to make another high to finally complete wave 5 and thus wrap up the remaining 4/5 I discussed a couple weeks ago.  But again, there are no high confidence calls at the moment, so treat that accordingly, and remember that a launch higher out of this pattern isn't impossible.  Trade safe.

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