Well, not much to add... "so far, so good" for bears. On May 13, I published the following chart:
Here's what it looks like with the updated price action:
SPX would be expected to track INDU closely (over the weekend, I'll probably draw up a more detailed SPX chart). Keep in mind the option for a more complex red 2, wherein INDU/SPX would likely test/break their recent lows, then could bounce again all the way back up to yesterday's highs. Additionally, I can't entirely rule out a diagonal c of 2 yet, but that looks like an underdog.
In conclusion, bears aren't 100% on their count yet, but things look as good as they can look at this stage for them. Trade safe.
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