On Friday, the market did basically nothing. Friday's trading was about as exciting as eating a bowl full of unflavored Jello.*
*Jello is a registered trademark of the Jello corporation, but, as far as I know, the concept of "unflavored Jello" as the most boring food on earth is original. Also, in Mexico, Jello would be pronounced "yellow," no matter what color it is.
Anyway, despite Friday's less-than-exciting session, I still spent a bunch of time looking at charts last night, before determining that there really isn't anything to add to the last update. Technically, Monday is supposed to be one of my nights off from the updates anyway, so I'm just going to update the 15-minute SPX chart, reprint a paragraph from Friday's update (below), and type whatever else pops into my head.
From Friday:
It certainly appears that, at best, SPX is embarking on a fifth wave rally, so we may see a new all-time-high before a larger correction begins. But even that isn't a given, as the extended fifth wave count discussed on Wednesday remains viable. On Wednesday, I detailed that the extended fifth retrace would be expected to decline to 1984-90, then bounce back to retest the all-time-high before declining again (into the 1940's or beyond). That retest could even take the form of a marginal new high, in the event of the b-wave of an expanded flat.
In conclusion, sometimes I regret having developed the expectation that all my updates have to end with "in conclusion," followed by some conclusion or other. Frankly, I don't always feel like I have a conclusion. But sometimes I do feel like I have a concussion, especially after listening to a speech that features Janet's yellin'.
Sorry, what were we talking about again?
Oh yeah: In concussion, there's not much to add from the last few updates, beyond the potential near-term structure noted on the 15-minute chart for a small nested third wave of wave 5. In the event the rally is wave b of the more immediately bearish count, it would be need to complete fairly directly. Trade safe.
you are funny. even if your analysis was lousy (which it is not, it's spot on!), it would be worth reading your posts just for the laughs. Many thanks!
ReplyDeleteThanks, pima, appreciate that! :)
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