No material change from the past few updates. SPX topped in the red "a?" zone -- there are enough waves for an entirely complete correction, if that's what the market wants. If it wants a more complex correction, one possible route is to retest the low and then bounce.
If that was ALL OF wave (2) at yesterday's high, then things could get very nasty next week.
Here's a simple trend line chart:
I've noted the potential head and shoulders on INDU:
In conclusion, this has been a solid week. We spotted the potential for a large bounce at the start of the week, and there are now enough waves up for a complete correction. The preferred count continues to expect that this will culminate with new 2018 lows, possible significantly new lows -- this is presumed to be a large C-wave, and sometimes Elliotticians are known to say that the "C" stands for "Crash." In the meantime, the main question is whether the current correction wants to become more complex, or decline more directly. Trade safe.
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