No resolution from the market yet. Bottom line is bulls probably need to hold the recent lows:
INDU is presently three waves down from the high, but might suggest a bear nest on any sustained breakdown of the most recent low:
In conclusion, because of the potential expanded flat in SPX, I remain unwilling to commit to the bear case yet, but I'm not entirely closed to it, either. The expanded flat potential is based primarily on a pattern that occurred last week in the e-mini S&P futures (ES), and sometimes ES can do screwy things due to leverage. The bottom line is, if bulls can hold 2785, then they have a good shot at highs above 2860. Conversely, if bears can sustain a breakdown at that zone, then it becomes "too many waves down," and the ball shifts to their court. First potential warning sign for bulls would be a sustained breakdown of yesterday's low. Trade safe.
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