SPX and INDU: Bears Have a Near-Term Chance -- Can They Do Anything with It?

We're still in a heavy noise intermediate-term no-man's resistance zone, so there's little to add to the last couple updates.  Bears are still trying to defend the all-time high, bulls are still trying to break their defense.

The most recent consolidation (Wednesday) appears to have been a fourth wave triangle, so we may see a larger correction here.

No change on the bigger picture:

In conclusion, no change on the bigger picture, but near-term, Wednesday appears to have been a triangle, which makes Thursday a fifth wave, at least at one degree (if not more), which means we should at least see one more wave down today and/or Monday (much above Thursday's high and all bets are off in that regard, of course.)  From there, the question is whether the decline will turn into an impulse, but bears at least have a chance to turn things now, so we'll see how it goes.  Trade safe.