I'm going to let the charts do virtually all the talking in this update.
Let's start with SPX:
BKX may hold big clues heading forward:
TRAN is still inconclusive in its current position, but may also offer some important clues in the near future:
Finally, NDX has now rallied about 95% of the way toward the previously-noted breakout target. Bears still have options here, in the form of a C-wave and the black path, but the first step would be some impulsive declines to begin suggesting a trend change.
In conclusion, I feel that watching BKX and TRAN heading forward will be helpful to sort out the bull counts from the bear counts. Trade safe.
Created DeepWave forum account Feb 9 as username arthurk, still awaiting admin activation.
ReplyDeleteHey Pretzel. With the market making new highs it occurred to me to wonder what your upside targets might be. As a recovering Fibonacci junkie, I'm always tempted to relapse at price extremes when there's no market generated information to work with yet. I see you've been posting more regularly than the last time I checked in. Hope that means things are good with you and all of yours. All the best. -C
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