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Wednesday, February 21, 2024

SPX, COMPQ, INDU, BKX: Confirmed and Almost Confirmed

Since last update, COMPQ confirmed its count and the (then presumed, but since confirmed) first impulse down:



SPX went the right direction, but has so far held above the low of the prior (presumed) impulse down:



INDU continues to show that bulls probably still have the long-term ball (for now), but bears do have two intermediate options that could generate large declines in the meantime:




Below is BKX, and again, this is not a "prediction," just a reminder to the most bearish possibility.  The most bearish BKX option could pair with either of the intermediate bear options in INDU:


In conclusion, the market has behaved as expected so far, though I'd like to see SPX capture its next targets as well.  Trade safe.

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