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Monday, February 10, 2025

INDU, COMPQ, SPX: SPX Captures Target and Reverses, but...

So SPX topped almost dead center in its upside target range (6074-6128; high 6101) and reversed, but it's unclear what that wave down is supposed to be (i.e.- it's not a clear impulse, neither is it a clear ABC).  COMPQ, INDU, and NYA all reflect similar ambiguity (NYA is probably the closest to looking like an impulse, be even there, I can see an option for an ABC with an ending diagonal C wave).  

So this leaves us with: 
1) The market topped where it "should" have 
2) No confirmation that this means anything.



INDU bonked its head on the black trend line again:




And COMPQ is still right in the middle of no-man's land:


In conclusion, I wish I had better answers at this phase, but that last decline was not at all clear.  If someone held some gum to my head and threatened to stick it in my hair if I didn't give a lean (I prefer Big Red -- thanks!), I'd maybe go 50.5% to 49.4% that the market forms at least one more wave down, with the remaining 0.1% assigned to the probability of a world-ending asteroid strike to put us all out of our misery.  Trade safe.

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