Monday's update was ["wave" was a typo] directionally correct on two fronts (SPX's projection showed the market heading up, then down, which it did) and this may be the start of blue C down... but due to the bounce at lower red, the market has kept its options open for now. If bears can sustain trade below lower red, then the probability that wave c down is already underway will increase.
And while Monday's session opened with the market dropping like a lead zeppelin, bulls managed to hold last week's low, leaving the above quoted paragraph in full effect.
INDU ran with the "this looks like it might be a b-wave low in progress" thing I grumbled about in the last update and bounced up to 52.9k.
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In conclusion, SPX is in more or less the same place it was last update, so all of that still applies. Trade safe.
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