Sheer exhaustion has necessitated a short update today. I'm not certain how much help it will be, since I didn't have time/energy to do my usual cross-market comparisons, but I'll publish a couple quick charts anyway. My intention is to publish more complete updates Thursday/Friday.
The challenge I'm seeing at the moment is the lack of a clear structure from the 1849 high. Coupled with the lack of clear structure INTO that high, it's difficult to say whether we've seen any kind of meaningful trend shift. I'm marginally inclined to think we have: The only clue I can find on the SPX charts is the apparent triangle noted in the last update, which leans me toward an impulsive decline. The chart annotations describe my thoughts:
On the 30-minute chart, I'm again left making assumptions. IF 1823 fails, then the present wave lengths suggest a decline that will break the blue wave 1 peak -- therefore, I can make the assumption that 1823 is probably the game changer. Note these types of assumptions don't always work, and 1823 could break, but the market could then surprise from there.
In conclusion, sometimes I feel repetitive ending every update with "in conclusion." (Since this is an "informal" update, I feel okay with publishing that.) Frankly there's not much to add down here beyond my usual sign-off: trade safe.
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