There's been no change to the outlook for some time, so let's get right to the charts. The rally has finally come within a few points of the upside target zone. There should be a bit more upside remaining, but this is an interesting inflection point, and there is a chance that the rally ends today.
Same potential on INDU:
INDU's daily chart, for context:
SPX two hour chart:
Finally, RUT does present an interesting possibility:
In conclusion, the "bear count" has netted roughly 80 points of UPSIDE profit in SPX over the past few sessions, so being a bullish bear hasn't been such a bad deal lately. From an intermediate perspective, the bear counts remain preferred, but we'll begin to discuss bull options in more detail if that becomes appropriate. The first step for bulls would be to reclaim the all-time high. Trade safe.
I think you have to throw in the towel today :( Market is just too strong for your calls..
ReplyDeleteDo you think the SPX pull back at mid day was just a pause before we move to new highs or was it a turn in your inflection zone? By the way appreciate your posts.
ReplyDeleteI'd hate to see a weak market. :D
ReplyDeleteHi, thanks. But, uh... in case you haven't been around, my CALL has been for a strong market. My preferred count was looking for a whipsaw at 1988, followed by a strong rally to 2064+. Is that not exactly what's happened? I can't promise my count is RIGHT, of course, but would it make any sense to "throw in the towel" when the market just today finally hit my upside targets? ("Ah, man... everything has gone exactly according to plan. That's it! I give up!") :D
ReplyDeleteWait a sec I am confused....that's exactly what happened... Was kind of tired of making money anyways over the last month catching all those turns you've been calling... Guess I should be of an objective Elliott waver
ReplyDeleteJason...I am a long term follower...Simply amazing how you have called this market correctly going back for several months now......You are on on a ROLL !!...Good Luck...JS
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