SPX and INDU: From the Dark Depths of Jackson Hole

On Friday, Powell wandered out to the microphone from the dark underground depths of Jackson Hole, appearing drunk, grabbed the mic forcefully and muttered something about "too many lost socks" before passing out, still holding the microphone and drooling.  

The market wasn't sure what to make of this, so it traded sideways for the day.

Which means, you guessed it, nothing has really changed from the updates of the past few weeks.  Although, INDU has now made a new high to match NYA:

SPX appears poised to resolve its previously-discussed-fourth-wave to the upside (which is/was the expected outcome of a fourth wave down, of course, as it's followed by a fifth wave up):

In conclusion, not much else to add other than -- assuming we're in a simple straightforward impulse rally -- a reminder it still looks like SPX and INDU will need at least one or two more 4/5 unwinds higher before completing the wave up from the 3/c low.