SPX, INDU, COMPQ: Dueling Markets

In the prior update, a hypothetical guy with a gun forced me to give a prediction, so my reply was: "I'd probably lean toward saying it looks slightly more likely that it may need more downside to form any sort of complete wave."

And that turned out to be a hit.  Now we have two markets trying to make our lives difficult, so let's get right to it.  First is INDU:

Dueling with INDU is SPX:

And the tie-breaker may be COMPQ, and what it does with the blue trend line:

In conclusion, INDU appears to be 3-waves down SO FAR, while SPX might be 5-waves down, though the razor-thin margin of the prior high vs. the ATH means it might also be 3-down so far.  Some part of me wants to just flat out declare the bull market as over -- but another part of me wants to caveat that heavily because there is no technical confirmation of that yet, and it's entirely possible we've only just entered the topping "process," which could take months.  And I'd also note that we're in the ballpark of a downside inflection point, given that INDU and SPX could both be completed waves to the downside (plus/minus) and COMPQ just tagged a major support zone -- so if it's going to head back up, it could do so from here.  COMPQ may provide the next big picture clues.  Trade safe.