Last update opined that "INDU and NYA both appear to be incomplete rallies -- so either more upside is needed to complete those patterns, or we're witnessing the early stages of a massive b-wave high with a c-wave (pending)..."
INDU and NYA both made new all-time highs in the wake of that, validating my read that their rallies needed further upside. SPX retested its high, but has so far held the key blue trend channel, bouncing off it strongly:
SPX at the same time managed to hold its most recent long-term breakout. If this can continue, then it bodes well for bulls. A whipsaw does still remain possible as of this moment, though -- this pattern is still "undefined" until it either breaks away or whipsaws:
In conclusion, still not much to add -- but so far, bulls are doing what they need to do. Trade safe.
No comments:
Post a Comment