SPX and INDU: Target Captured

Last update observed that INDU appeared to have formed a micro impulse down and projected a decline to ~42K in INDU, which has since happened:

SPX declined as well and is in a similar position:

Long-term, INDU has so far whipsawed the breakout line:

In conclusion, if bears can keep pushing lower and form a larger impulsive decline along the way, then that could bode for a larger top at the recent all-time high.  Of course, there's still work to do to get there, but this would be a nice place for it, since almost no one was expecting that possibility.  We'll see how it plays.  Trade safe.